🤟 Chile🇨🇱: Biometrics Against Fraud

🤟 Chile🇨🇱: Biometrics Against Fraud

The Deputy Minister of Telecommunications (Subtel) has announced the enforcement of a regulation that mandates telecommunications companies to use biometric parameters to verify user identity.

🧊 Before: Identity verification was done in person. To open a bank account or sign up for a phone service, people had to visit a physical location and manually sign documents.

🧊 Now: Verification will be digital and performed using fingerprints, facial recognition, or electronic signatures, ensuring that the person completing the process is indeed the account holder.

🧊 Context: Last year, 1 in 6 Chileans (15%) fell victim to fraud—a higher rate than in Argentina🇦🇷 (10%) and Colombia🇨🇴 (13%). This is not necessarily due to a higher crime rate but rather because Chile has the highest banking penetration in Latin America and a highly digitalized economy, which exposes users to greater risks.

#news #Chile

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