It should be clarified that the document constitutes a decalogue of proposals made by this group, and not a regulation to be complied with obligatorily. Of course, the BCU will promote the adhesion of the different public and private institutions of the system.
Thus, it is specified that the objective of the work is “the prevention of cyber fraud and provide tools to facilitate timely and effective action for the recovery of embezzled funds.”
What are the BCU proposals to prevent cyberattacks
Among the central axes of the proposals is the strengthening of financial education; continuous improvement in terms of fraud detection and monitoring; the establishment of channels of communication, cooperation and exchange of information between the different entities, forming a collaborative network; and the development of a legal framework and strengthening of the applicable regulatory framework.
In this sense, some of the specific actions are linked to the account blockingthe modification of the regulations of the Banking secrecy to facilitate the exchange of information, the exceptional authorization to investigate and prevent possible criminal conduct.
In addition, the report mentions some recommendations for prevention practices, such as the removal of the use of links in emails or SMS sent to retail customers or the delay of at least 12 hours before the activation of a new soft token on a mobile device.
Others are: the existence of a waiting period (not immediately) prior to implementation of key account change requests, as well as key customer contact details; the implementation of notifications when an operation is carried out outside the pattern of conduct; and the use of multiple authentication factors that combine their categories, among others.
Source: Ambito
