Fraud Prevention and Risk Management in Mexico
Fraud Prevention, Risk Management, Mexico Financial Sector
Keys to a Secure Financial System
In an increasingly digital world, fraud prevention and risk management are essential for the stability of credit institutions. With the rise of cyber threats, banks and financial entities must adopt robust strategies to protect both their users and their operations.
The Regulatory Framework and Compliance Requirements
The National Banking and Securities Commission (CNBV) establishes key regulations to mitigate risks and prevent fraud, as outlined in the General Provisions applicable to Credit Institutions. The latest update, published on June 14, 2024, sets important deadlines that cannot be ignored:
Key Points for Meeting the Deadlines of the New Regulation
It is crucial for credit institutions to pay close attention to the deadlines set in the General Provisions applicable to Credit Institutions, published on June 14, 2024. Compliance with these dates will help avoid penalties and ensure that operations align with fraud prevention regulations. Here are the key points:
- 180 days from the effective date to submit the Fraud Prevention Management Plan to the CNBV.
- Until April 2025 to implement this plan and adapt internal policies.
- Before October 2025, all institutions must define the User Transactional Amount for active accounts and services.
Failing to meet these deadlines could have serious consequences. The time to act is now!
How to Protect Against Fraud?
Bank fraud remains a constant concern. To safeguard users, financial institutions must implement strong authentication mechanisms, such as encryption in electronic transactions, and enhance customer education. Teaching users to recognize phishing attempts or phone scams is crucial. Remember, using strong passwords and verifying information through official channels can make a significant difference.
Additionally, advanced technology plays a key role. Tools like Sentinel enable real-time monitoring and detection of suspicious patterns, ensuring a swift response to potential threats.
Sentinel Specialized Consulting
Sentinel provides consulting services designed to guide financial institutions in complying with CNBV regulations. These services include:
- Guidance in developing and submitting the Fraud Prevention Management Plan.
- Assessment and enhancement of internal policies.
- Implementation of advanced monitoring and authentication technologies, including biometrics.
Relying on Sentinel’s expertise ensures a comprehensive and tailored approach to addressing regulatory and operational challenges in fraud prevention.
Sentinel and Internal Fraud Prevention
In addition to mitigating external fraud, Sentinel has extensive experience in preventing internal fraud. Through monitoring and analysis tools, it enables:
- Identify suspicious behaviors within the organization.
- Detect unauthorized activities in real-time.
- Implement controls to safeguard data and internal infrastructure.
Trust and transparency in internal operations are fundamental pillars for ensuring the stability of an institution.
Account Takeover and Dark Web Protection
One of the most pressing threats for financial institutions today is Account Takeover (ATO), which occurs when malicious actors gain unauthorized access to user accounts to commit fraud. Sentinel provides advanced solutions, including:
- Biometric authentication, such as facial recognition and fingerprint scanning, ensuring that only authorized users can access their accounts.
- Continuous dark web monitoring to detect potential data breaches and take preventive action before major incidents occur.
- Advanced cybersecurity services to safeguard critical information and financial transactions.
These capabilities enable Sentinel to act proactively, protecting both financial institutions and their customers.
Gestión Integral de Riesgos: Más Allá de lo Financiero
La gestión de riesgos no se limita a lo financiero. Las instituciones deben también evaluar riesgos operativos y de mercado, como lo exige la CNBV. Esto incluye implementar modelos de capitalización por riesgo y realizar pruebas de estrés. Estos ejercicios ayudan a prever cómo una institución podría reaccionar ante situaciones críticas, como crisis económicas o cambios abruptos en las tasas de interés.
Innovación: La Clave para un Futuro Seguro
La biometría y la autenticación multifactor están transformando la seguridad financiera. Reconocimiento facial, huellas dactilares y patrones de voz ya se usan para verificar la identidad de los usuarios y asegurar que solo ellos puedan acceder a sus cuentas.
Otra tecnología prometedora es la blockchain, que ofrece transparencia y seguridad inalterables. Aunque su adopción en México está en sus primeras etapas, tiene un enorme potencial para prevenir fraudes en transacciones y contratos.
In Conclusion…
Fraud prevention and risk management are more than just regulatory requirements—they are the foundation for ensuring stability and trust in the financial system. Complying with CNBV regulations and adopting advanced technologies will not only safeguard your institution but also protect your customers.
If you want to learn more about how Sentinel can help you meet these regulations and secure your infrastructure, schedule your session here.
Autor
Laura Marcela Rivera
Sentinel – Colombia
We Recommend
Financial crime in Colombia
Fraud and Money Laundering in ColombiaParticipate in Our Exclusive WebinarLearn how to prevent fraud and money laundering from leading experts in the financial sector. Date: Thursday, April 3, 2025Time: 10:00 a.m.Financial crime in Colombia represents a significant...
Sentinel 7.12 More Efficient Than Ever
Discover the New Version of Sentinel 7.12 We are committed to the continuous improvement of our solutions to provide financial institutions with increasingly robust and efficient tools for fraud and money laundering prevention. We are pleased to announce the launch of...
SUGEF 10-07: An Imminent Challenge for Financial Institutions in Costa Rica
SUGEF 10-07: A Pressing Challenge for Financial Institutions in Costa RicaAre You Ready to Prevent Digital Fraud in 2025 and Comply with the Regulation? The General Superintendency of Financial Institutions (SUGEF) of Costa Rica has introduced the SUGEF 10-07...
© 2024 Sentinel. All rights reserved.
