New Measures to Reinforce Security in Electronic Payments

Electronic wallet providers and financial institutions are required to tighten security for protecting financial users from fraud.

Financial institutions must inform their customers of the DEBINs received— both “recurrent” and “spot”—immediately and by means of specific notifications.

They may be sent through any electronic means of communication, such as e-mail, text message or mobile applications

Notifications must include a warning message clearly stating—with appropriate font and size—the following: “By accepting this transaction, FUNDS WILL BE WITHDRAWN FROM YOUR ACCOUNT in the amount stated and will be transferred to the originator of the withdrawal order. Please note that you will NEVER be required to give an approval to RECEIVE electronic payments”.

In the case of electronic wallet providers, they will only be allowed to link credit and debit cards, savings accounts or payment accounts or any other account of the holder.

This is to prevent fraud from third party’s data —most likely obtained through fraud of deceit.

These measures taken by the Board of the BCRA supplement those recently adopted to seek reliable acceptance of pre-agreed personal loans with automatic crediting. Financial institutions will duly verify the identity of borrowers, and, at least, check the contact data provided by the user, and ensure that they have not been recently changed.

Also, the BCRA agreed with financial institutions to shorten to one working day the term for merchants to get paid for sales on debit cards.

These measures seek to tighten security in digital transactions, reduce fees, shorten the term for MSMEs to get paid for sales on credit cards, and develop advance sequences in Transfers 3.0—focused on the interoperability of all QRs. Ultimately, they will bring about a more agile, modern, and advanced payments system ready to replace cash efficiently and safely.

July 9, 2021.

Compartilo en Facebook   Compartilo en Twitter    Compartilo en Linkedin    Compartilo en WhatsApp