Latin America. The growth of fraud through Internet banking or mobile banking is the main concern of the banking sector in Latin America, where embezzlement can cause losses of around 30% in the sector's revenues. It was also evident that this problem could become an obstacle in the strategy followed by the sector to migrate branch services to electronic transactions.
The statement was made in the framework of the Annual Banking Security Summit CELAES 2011, which brings together specialists from major financial institutions and is organized by FIBA (Florida International Bankers Association) and Felaban (Latin American Federation of Banks).
Miguel Ángel Carlos Jaime, president of the CELAES Conference Committee and director of Prevention and Corporate Security at Banco Santander in Mexico, said that for banking institutions in Latin America the increase in fraud represents an impediment to the adoption of electronic banking.
Today transactions in banks in Latin America are made in 70% in branches, while the remaining 30% are through electronic transactions, but the ideal, according to Carlos, is to invest this figure and that 70% of banking transactions are electronic and only 30% remain in branches, but for this phenomenon to occur, it is necessary, first, to provide the ideal security conditions in the region.
