As part of its comprehensive strategy against electronic payment fraud, the BCRA will, starting in September, provide instant transfer administrators with public information in order to enhance their analysis and monitoring tools.
Using this information, administrators will develop a fraud risk profile for each individual and provide it free of charge to financial institutions and payment service providers that offer payment accounts (proveedores de servicios de pago que ofrecen cuentas de pago, PSPCPs) for use in transactional monitoring, customer onboarding, and the periodic reviews performed under know your customer (KYC) rules. This process will be implemented gradually.
The information will contribute to the early detection of accounts that could be used to channel funds toward accounts linked to illegal gambling activities, facilitating the identification of unusual transactional patterns.
The key objective of this action is to reinforce financial consumer protection using a tool that provides a systemic view, complementing and enhancing the analysis models currently used by the actors in the national payment system to detect potential fraudulent behavior early.
Based on the confidential and responsible handling of information, the BCRA is thus consolidating a prevention scheme that coordinates information, technology, and cooperation among the actors of the national payment system to strengthen the security of transactions and preserve users’ confidence in electronic transfers.
