BCRA Strengthens Controls Against Fraud in Electronic Payments

The Central Bank (BCRA) is implementing new measures to prevent fraud in electronic payments. Starting this month, administrators of immediate transfers will have access to public information to enhance their analysis and monitoring tools. This information will allow the creation of a fraud risk profile for each user, which will be provided at no cost to financial entities and payment service providers (PSPCP) for use in transactional monitoring and client reviews according to know your customer (KYC) regulations. The initiative aims to detect accounts that could channel funds towards illegal gambling activities by identifying unusual transactional patterns. The BCRA emphasizes that the goal is to strengthen user protection through a tool that complements current analysis models in the national payment system. The monetary authority highlights that, through confidential and responsible management of information, a prevention scheme is consolidated that articulates information, technology, and cooperation among system actors, in order to enhance the security of operations and maintain user trust in electronic transfers.

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