Banks will have to share information to avoid financial scams, BC and CMN decide

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Norma goes into effect November 1; The decision was taken amid the expansion of the use of digital means for financial transactions, and the increase in fraud and related cyber crimes. The National Monetary Council (CMN) and the Central Bank approved a rule for financial institutions to start sharing information about signs of fraud as of November. The goal is to prevent financial scams. According to the BC, there will be an operating system so that banks can register and consult data and evidence of occurrences or attempts at identified fraud. The evidence of reported fraud must contain: identification of who, according to the available evidence, would have carried out or attempted to carry out the fraud, when applicable; description of the indications of the occurrence or attempt of fraud; identification of the institution responsible for recording the data; identification of the data of the recipient account and its holder, in case of transfer or payment of resources. According to the Central Bank, institutions are responsible for using the data and information obtained in consultation with the electronic system, as well as for preserving their bank secrecy. “In addition, institutions must obtain consent from their customers for the treatment and sharing of fraud data, to be included in a signed contract with a prominent clause”, added the institution. According to the BC, the norm was edited at a time of expansion of digital means to carry out financial transactions and payments, in addition to the increase in occurrences of fraud, scams and cyber crimes using the financial system. Learn how to protect yourself from PIX scams

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