State Bank has confirmed a series of new measures aimed at counteracting the increase in external fraud, a problem that has generated significant losses for the entity. During the first quarter of the year, losses due to self-fraud reached US$ 124 million, representing 76% of the total losses of the banking industry.
Within the framework of the entity’s public account, the president of BancoEstado, Daniel Hojman, highlighted the implementation of measures aligned with the modifications to the Anti-Fraud law. These measures seek to correct abuse problems associated with self-fraud and have proven to be effective in reducing this type of crime.
While the amendments to the law represent significant progress in the fight against bank fraud, Hojman noted the importance of continuing to refine them to ensure adequate consumer protection in the industry. He acknowledged that although important progress has been made against self-fraudthere is still room to improve and perfect the measures implemented.
In Chile, modifications to the bank fraud law have been a response to the increase in so-called “self-fraud”. These changes, especially in the rules for returning money to victims, seek to provide greater protection to consumers and establish clear deadlines for the return of funds in cases of fraud.
Among the main modifications, which have already begun to apply State Bank, the extension of the deadline for refunding money in transactions carried out in digital and physical channels stands out. Additionally, additional steps, such as filing an affidavit and complaint, have been established to claim amounts above certain thresholds.
