The provision provides for an electronic system for recording and consulting data; Tallisson Souza, a banking lawyer, explains how to prevent scams and fraud
A law approved in May by the CMN (National Monetary Council) and the BC (Central Bank) established that financial institutions and other authorized managed by the municipality must share data and information on frauds and scams in the SFN (National Financial System) and SPB (Brazilian Payment System).
According to the body, which manages the country’s currency and monetary policy, the measure aims to “reduce the information asymmetry in access to data and information used to subsidize procedures and controls of these institutions to prevent fraud”.
Again according to the BC, the determination provides for an electronic system for recording and querying data and information on evidence of events or attempted fraud, which must be implemented by November 1st.
Tallisson Souza, a banking lawyer, notes that banking scams and fraud generally exploit vulnerabilities and loopholes in security systems, as well as a lack of knowledge and attention from users.
According to him, some factors may contribute to the increase in these events:
- Technological Advances: As technology advances, criminals also develop sophisticated ways to commit fraud. This can include card cloning, fake portability scams, among others. Evolving techniques used by scammers can make these scams difficult to detect and prevent;
- Security Flaws: Vulnerabilities in systems can be exploited by criminals to gain access to confidential information or conduct fraudulent transactions. It is important that financial institutions constantly update and strengthen their security measures to avoid these breaches.
- Lack of awareness: Lack of knowledge about different types of scams and bank fraud can increase the chances of users falling into traps. Fraudsters take advantage of people’s ingenuity to obtain personal information or persuade them to take actions that compromise their financial security;
- Increasing use of online services: With the increase in the use of digital and mobile banking, criminals are exploiting these platforms as targets for scams and fraud. It is essential that users adopt good security practices when making virtual transactions and are aware of them;
- Failure to report and impunity: Failing to report scams and bank fraud can make it difficult to fight these crimes and identify those responsible. Furthermore, it is worth noting that impunity can encourage criminals to continue their illicit activities;
Measures can avoid the problem
Also according to Souza, it is possible to adopt a series of preventive measures against scams and frauds:
- Stay informed about scams and bank fraud;
- Request information disclosed by regulatory bodies and financial institutions;
- Never share passwords, card numbers or bank account details;
- Avoid disclosing personal information on social networks;
- Use strong and unique passwords for all accounts;
- Check emails requesting personal or financial information;
- Don’t click on suspicious links;
- Never download attachments from unknown senders;
- Check the security of websites;
- Use two-factor authentication;
- Regularly monitor accounts;
- Use security software;
Institutions should cooperate
In the analysis of the banking lawyer, the idea that banks share data with each other to prevent scams and fraud can be considered a wise measure in the field of cyber security and financial protection.
“Sharing relevant and strategic information can help identify patterns and detect suspicious activity more efficiently, strengthening the security of the financial system as a whole. However, it is important to consider the risks and challenges associated with this practice,” he considers.
Souza highlights some points to consider in the following topics:
- Privacy and Data Protection: Data sharing should be done with caution to ensure the privacy and security of customers’ personal information;
- Information security: the measure increases the volume of sensitive information in circulation, which can increase the risk of data leakage or unauthorized access, which requires robust security measures;
- Establish standards: for sharing to be effective, common standards and protocols need to be established, but institutions may have different systems and data structures, which requires integration efforts;
- Cooperation and trust: sport requires cooperation and a culture of mutual trust. Institutions need to share information and work together to fight fraud, setting aside competitive rivalries.
- Accountability and Accountability: You need to establish clear arrangements about the fair use of shared information and ensure mechanisms are in place to investigate and take action against any misuse or data breach;
“In summary, sharing can be a wise measure, as long as adequate precautions are taken to protect the privacy and security of customer data,” Souza defines. “We need to find a balance between collaboration and the protection of individual rights, setting standards, cyber security and ensuring trust between the institutions involved,” she adds.
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Website: https://escritoriosouzaadvogados.com.br/
Source: Terra
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