Recent years have been marked in the world by an accelerated pace of evolution of the technological market, which beyond the creation of devices or programs, has been combined with various branches of the knowledge to make people’s tasks easier in their work and household chores.
However, these advances also create the challenge of being aware of the changes and norms that transform as the market transcends, and sometimes people fail to keep up; generating a scenario of new challenges for those who lead the step towards a more modern market.
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Proof of this is seen in a recent report by the Association of Companies of Financing, which among its conclusions highlights that despite the significant advances in technology and cybersecurity, both fraud and attacks that seek to violate the systems that protect the information of financial institutions and clients, continue to be a great challenge that forces us to be constantly alert.
Clara Escobar, director of the Association, explained that although technological advances are important, it is also important that entities continue to intensify their efforts to adopt preventive measures and the technology necessary to safeguard information and their systems, and continue strengthening the capabilities of its human resources to detect and prevent these crimes.
Fintech industry (reference image).
“Among the most common types of fraud in Colombia are phishing, skimming and identity fraud. Phishing, which has grown by 50%, uses fake emails to steal personal information; Skimming refers to the installation of devices in ATMs to copy card data, while fraud identity involves the use of falsified documents to open accounts or request loans,” Escobar said.
Likewise, the Afic spokesperson recognized that “financial entities have redoubled efforts to strengthen their security and implement emerging technologies, in order to combat fraudulent practices that, in addition to causing economic losses, erode consumer confidence as they fear being victims. of fraud events with the use of certain financial channels or products.”
Based on all of the above, it warns that they have been implementing advanced technologies, such as artificial intelligence and data analytics, which according to McKinsey figures have been shown to reduce fraud losses by up to 30%, by allowing us to be predictive of this type of events. Technologies such as biometric authentication, based on fingerprints and facial recognition, are also being adopted.
In this sense, he is optimistic and puts on the table that with the use of these technologies it is estimated that fraud can continue to be reduced by 70% in the next five years, reinforcing security in the sector.
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“In addition to technological measures, the greatest effort must focus on educating Colombians about the risks and best protection practices. According to Deloitte figures, 52% of fraud originates from human error or lack of knowledge. A study by the Universidad de los Andes shows that entities that have implemented awareness campaigns and financial education workshops have managed to reduce cases of fraud by 25%, evidencing the positive impact of these initiatives,” said this expert.
Clara Escobar emphasized that cooperation between financial entities is essential in the fight against fraud. According to industry reports, this collaboration has reduced fraud incidents by 20% over the last year.
However, he warns that there is still much to do, since, despite the advances, fraud continues to evolve rapidly due to the new techniques of criminals and the lack of knowledge that exists about this problem in a good portion of the population, which also requires additional efforts.
Cybersecurity
“The path to a safer financial environment lies in the constant education of people, both users and collaborators of the entities. Thus, ongoing training on financial security issues helps consumers recognize and prevent possible fraud, while financial sector professionals can be better prepared to identify and mitigate risks,” he concluded.
The Executive Director of Afic closed by insisting that one must be persistent in the use of protocols and prevention measures, since by promoting a culture of financial education, one is empowered. to all the actors involved, creating a more informed ecosystem.
