Cybersecurity: Banco Santander announces measures to increase the reliability of electronic means of payment



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Banco Santander announced that it will prioritize a battery of measures that will lead to a more secure transactional environment for its customers and non-clients. It is a set of actions, which have been running for a long time, and which represent a significant investment for the entity and which go in the direction of a safer financial system in the country .

In the context of all the initiatives that will be implemented in the coming weeks, the first refers to a complete modernization of the operating systems that exploit automatic teller machines Banco Santander throughout Chile and that it will be implemented 100% before the end of the year. Although distributors work with a closed network and a controlled risk, the entity has decided to increase its security.

This measure ties in with the effort already deployed by the Bank and industry to ] reduce the cloning of magnetic tapes of cards at the level of these distributors, which is achieved by systems that aim to neutralize theft or the capture of information and, consequently, fraud.

measures that the bank decided to adopt is to begin a process of total replacement of one million 200,000 plastics without chip by others who have this system . For two years, Santander Chile has ordered the issuance of new cards only with this technology, and now it has decided to address the current stock of cards, which will generate a mandatory replacement process (cards that no Have not migrated to chip technology) they will stop operating on the national territory at the time of the end of the campaign) at no cost to the customer, and it is expected that it ends before April 1, 2019.

This process will be It will be realized through campaigns that will invite customers to make quick change of their cards. Currently, 80% of Banco Santander offices in Chile already have baggers that allow the immediate issue of plastics with this device, and it has the ability to cover 100% of its network in the coming weeks. This system allows the customer to approach any branch of the Bank – no matter where the customer is – to request a new card (credit or debit), which will be fully operational in about five minutes.

Finally, a series of tutorials will be made available to clients to provide very useful information for avoiding cyber fraud given the high number of phishing cases and a scam that occurs due to the negligence of people, such as when keys are delivered to dangerous websites or the use of low-complexity pbadwords, such as birthdays or data from their own social networks

These tutorials will be sent to customers of Banco Santander as part of a financial education campaign, which in a first phase will be voluntary, but from April of the year next will be required to work with the bank. All of these actions, while involving people taking a few minutes of their time, are important for strengthening security measures and thus dealing with cybercrime as a whole.

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