⚡️ Chile🇨🇱: the “innocent fraud victim” argument may no longer work

⚡️ Chile🇨🇱: the “innocent fraud victim” argument may no longer work

Chile may not be familiar with the “Larisa Dolina case”, but the country has its own fraud schemes. During the presentation of a government reform, officials noted that cases of “self-fraud” generate approximately USD 100 million in additional administrative costs for the banking sector each year.

💡 The proposal is part of the Capital Market Reform (MK4), which includes a series of amendments to Law No. 20,009, governing liability for fraudulent transactions carried out using cards and other payment methods.

💡 The bill proposes holding users liable based on criteria ranging from “slight negligence” to “intent” and “gross negligence”. For example, a presumption of slight negligence would apply to transactions requiring multifactor authentication.

💡 The proposal also provides for the introduction of a standardized sworn statement and an electronic mechanism for reporting fraud.

💡 The initiative also seeks to reinstate certain types of fraud-related insurance and adjust measures to combat so-called “self-fraud”.

💡 Consumer organizations have raised concerns because these changes could make it easier for banks to hold customers liable.

💡 Context: in March this year, Chile’s political pendulum swung to the right as Republican José Antonio Kast took office as president. During his campaign, he promised “tough measures to ensure a free-market economy”, but progress so far has been limited. It remains to be seen how effective MK4 will be. The reform extends well beyond fraud prevention, also covering mining, the regulatory framework for startups, mortgages, and several other areas of the economy.

#news #Chile #scam

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