Banks will share data to prevent fraud and fraud

Banks and other financial institutions authorized by the Central Bank (MK) Will have to share data and information about fraud in the National Financial System (SFN) and the Brazilian Payment System (SPB). The measure was announced by the monetary authority on Tuesday (23).

According to BC, the norm aims to “reduce information asymmetry in access to data and information used to subsidize the procedures and controls of these agencies to prevent fraud”. However, there will be improvements in the internal controls of banks, increased transaction security.

It was decided to implement the regulation increase in fraud, fraud and cybercrime in the banking systemThis is due to the increasing use of digital channels in payments and other financial transactions. More than 4.1 million events were recorded in 2021, compared to 2.6 million in the previous year and 1.2 million in 2019.

Electronic system to record and evaluate data shared by banks and information on fraud events and attempts should be available by November 1 of this year. Institutions will be responsible for the protection of bank secrets.

What data will be shared?

According to BC, the new system will bring the following information:

• Identifying who has committed or attempted fraud;
• A description of the signs of the fraud event or attempt;
• Identification of the institution responsible for recording data and information;
• In case of transfer or payment of resources, identification of the data of the receiving account and its owner.

Banks must obtain consent for data processing and sharing with customers. In turn, account holders will be able to control their information and request deletion or correction in case of errors, inconsistencies or other requests.