Trends and Practices for Mitigation
This document, prepared by the Working Group on Banking Technologies of the Association of Supervisors of Banks of the Americas (ASBA), analyzes the significant rise in digital fraud in the region as a consequence of the increasing use of digital channels and electronic payment methods. Based on surveys conducted across 22 member jurisdictions and a review of national experiences, the report identifies the main types of fraud, shares lessons learned, and presents good practices for their mitigation.
Recurrent forms of digital fraud are identified, including the theft of credentials through phishing, vishing, or smishing; scams involving emotional or family-based deception; card and SIM cloning; and fraudulent credit applications through identity theft, among others.
The report classifies recommended actions into four key pillars:
- Modifications in the Legal and Regulatory Framework: Requires updated laws and regulations that ensure strong authentication mechanisms and enable effective sanctions against digital fraud.
- Supervisory Actions: Involves on-site and off-site inspections, monitoring of cyberattacks, enforcement of international security standards, and the use of advanced technologies to detect fraud patterns.
- Collaborative Market Actions: Includes joint efforts among supervisors, banks, telecommunications providers, and law enforcement agencies to share fraud-related information, build fraudster databases, and promote awareness campaigns.
- Financial Education: Requires the promotion of public campaigns, educational materials, and media outreach activities to warn users about common threats, identity theft, and the safe use of digital tools.
The document concludes that combating digital fraud must be comprehensive, multi-stakeholder, and ongoing. It also stresses the urgency of standardizing fraud data collection to enable a more effective regulatory response. Finally, it highlights ASBA’s continued commitment to promoting experience-sharing and strengthening regional capacities to address this growing phenomenon.
