33% of Colombians give up on opening a personal bank account when identity verifications are too complicated
Identity theft, transactions to third parties, and unauthorized use of credit cards are among the main concerns of Colombians
Colombia, March 22, 2024 - FICO, a leading global company in predictive analytics and decision management software, has revealed the results of its latest survey on "fraud, identity, and digital banking."
According to the analysis, Colombians are increasingly concerned about fraud originating from direct banking systems, such as cash theft and purchase scams. Actions resulting from credit card theft and identity theft leading to impersonation attempts in applications are among the highest concerns regarding this crime.
According to Rafael Caballero, FICO's Business Consulting for Mexico and Colombia, "it is essential for users to take precautionary measures, and likewise, for banking entities to have a robust security system. Good fraud protection is the number one consideration for customers when selecting a new account."
According to the survey, the financial crimes that most worry Colombians are: being scammed using their identity to open an account (38%), being deceived by some means to send money to a scammer (29%), using found or stolen cards (15%), and lastly, having an identity thief take over their bank accounts and partially empty them (13%).
With the increase in digitalization and e-commerce, citizens are increasingly aware of the risks associated with protecting their personal and financial information. The growing sophistication of cybercriminals and the emergence of new forms of fraud make protecting personal and financial data a priority for Colombians.
For this reason, the leader in predictive analytics and decision management is sharing three recommendations to protect accounts and avoid falling victim to banking fraud:
- Maintain secure and unique passwords for each bank account, avoiding the use of easily accessible or predictable personal information. Additionally, enabling two-factor authentication whenever possible is suggested to add an extra layer of security by requiring a temporary code or additional verification when logging in or making transactions.
- Implement the use of biometrics, highlighting that it is the favorite security option for Colombians, with 79% liking or strongly preferring to use fingerprints. Therefore, having robust identity verification and fraud detection will help increase trust in platforms.
- Regularly monitor bank accounts and online transactions to detect any suspicious activity in a timely manner. It is essential to periodically review account statements to quickly identify and report any unauthorized transactions or unusual activity. 8% of respondents say their stolen identity has been used to open a financial account, a figure that could equate to 3 million people.
In conclusion, identity theft, unauthorized transactions to third parties, and fraudulent use of credit cards have emerged as critical concerns for Colombian citizens. These crimes not only threaten individuals' financial stability but also impact trust in security systems and financial institutions.
It is necessary for both the private and public sectors to come together in a joint effort to implement robust protection and education measures, thus ensuring a safer and more resilient environment for all citizens.
About the "2023 Consumer Survey, Fraud, Identity, and Digital Banking":
An independent research company that complies with industry standards conducted this online survey. 1,000 Colombian adults were surveyed, concluding in November 2023. This was part of a project that surveyed approximately 13,000 consumers in 13 countries, including Canada, Brazil, Mexico, India, the Philippines, Spain, the United Kingdom, the United States, Malaysia, Thailand, Singapore, and Indonesia.
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.
Learn more at www.fico.com.
FICO is a registered trademark of Fair Isaac Corporation in the US and other countries.
Press Contact:
David Moreno
david.moreno@shiftpn.co