New Measures to Combat Fraud
Argentina's Central Bank (BCRA) has announced a new step to strengthen fraud prevention in electronic payments. Starting this month, administrators of immediate transfers will have access to a set of public information designed to enhance their analysis and monitoring tools.[S1]
With this information, administrators will create a fraud risk profile for each individual and provide it free of charge to financial entities and payment service providers offering payment accounts (PSPCP). These profiles will be used in transaction monitoring, customer onboarding, and periodic reviews required by know-your-customer (KYC) rules.[S1]
Targeting Illegal Gambling Channels
The information will help in the early detection of accounts that could be used to channel funds to accounts linked to illegal gambling activities, facilitating the identification of unusual transaction patterns.[S1]
Understand this article deeper
The BCRA's main objective is to reinforce user protection through a tool that provides a systemic view, complementing and enriching the analysis models currently used by different actors in the national payment system to detect possible fraudulent behavior early.[S1]
Cooperation and Confidentiality
The monetary authority concluded that, based on confidential and responsible treatment of information, the BCRA consolidates a prevention scheme that articulates information, technology, and cooperation among actors in the national payment system. This aims to strengthen the security of operations and preserve the trust of users in electronic transfers.[S1]
