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Risks of digital fraud due to increased credit requests due to reduction in interest rates – news

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Risks of digital fraud due to increased credit requests due to reduction in interest rates – news

75% of financial transactions in Colombia are carried out virtually, according to Asobancaria, increasing exposure to digital fraud.

The recent announcement by the Bank of the Republic regarding the reduction of interest rates has triggered an increase in credit applications. According to the board of directors of the Bank of the Republic, for the month of February the interest rate remained at 12.75%, maintaining it for the month of March and waiting for the trend to be downward.

This reduction in interest rates predicts an increase in demand for financial products, given that the costs of acquiring loans for housing, vehicles and other goods will be more affordable for consumers. Given this favorable outlook, it is foreseeable that the number of digital procedures and requests carried out by citizens to access these credit facilities will increase significantly.

However, the projected increase in online financial transactions also carries increased risks of digital fraud and identity theft. As more people carry out transactions online, taking advantage of low interest rates, criminal organizations will have a more fertile field to attempt cyber scams and theft of personal information for illicit purposes. Therefore, financial institutions and consumers must redouble their security measures to prevent this scourge.

Before this panorama, Olimpia IT, leader in technological solutions, warned that the increase in digital financial transactions leads to a potential increase in fraud, highlighting the relevance of implementing technological tools that mitigate these dangers.

Data from the financial sector in Colombia reveal a significant increase in impersonation attempts. According to Asobancaria, in 2023, 75% of the transactions in the financial system in Colombia will be carried out virtually. Furthermore, it is estimated that more than 40,000 people are victims of this crime, with nearly 400 complaints registered for these acts. This entity also warns that the Colombian financial system faces a constant threat, with an average of 43 cyber attacks per second. At the end of 2023, more than 5,100 cases were registered by the National Police through official channels, evidencing an increase in fraudulent activity and in turn generating concern among authorities.

“In a context where more people and companies seek to take advantage of favorable credit conditions, a notable increase in credit applications has been observed. However, the lack of adoption of protection tools by companies shows the urgency of addressing the growing threat of identity theft and digital fraud,” said Sinbad Ceballos, CEO of Olimpia IT, who highlights the importance of establishing preventive measures. in a scenario marked by the increase in virtual credit applications and digital transformation.

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The different modalities of digital attacks represent a significant concern, since online fraud can compromise the security of financial transactions, exposing users to risks of identity theft, loss of sensitive data and financial fraud. The implementation of robust security measures and raising awareness of safe online practices are essential to mitigate these risks, protecting the integrity of the Colombian financial system.

In this sense, Olimpia IT proposes to companies the use of advanced solutions based on multi-biometric factors, such as fingerprint and facial recognition, to allow instant verification of the identity of the credit applicant. These solutions compare the information obtained with government databases and open sources, thus mitigating the risks of impersonation and fraud.

In addition, company experts highlight the importance of implementing robust process verification and automation systems in the credit field, which provide traceability of each user, avoiding information leaks and scams in a context of increasing credit applications.

Olimpia IT suggests some recommendations to prevent people and companies from possible cases of fraud:

Updating software and credit application platforms as effective barriers against impersonation: Regular software and credit application platform updates are recommended to benefit from the latest security features and vulnerability fixes. Likewise, it is necessary to maintain an efficient patching program to protect against known exploits and potential threats.

Constant monitoring of suspicious activities using security tools leveraged in Artificial Intelligence: It is presented as a crucial measure to act in a timely manner against possible fraud attempts in this low rate scenario.

Implementation of passwords with two-factor authentication: add additional layers of security to protect the sensitive information of companies and users in the context of an increase in credit applications.

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Education and training of business personnel: offer programs that address the most used spoofing mechanisms and constantly update on emerging trends to strengthen defenses against this type of constantly evolving crimes.

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