☝️Peru🇵🇪: Regulator tightens security measures for bank card users.

☝️Peru🇵🇪: Regulator tightens security measures for bank card users.

The Superintendency of Banking and Insurance (SBS) has amended the "Regulation on Credit Cards. The changes specifically address the responsibility of companies for user identity verification procedures and transaction consent.

What is required❓

➡️ Two-factor authentication for physical cards: card chip or its digital representation ➕ PIN code or another method established by the Office.
➡️ Transaction confirmation for online payments: preferably using a dynamic card verification code or any other method in accordance with the EMV 3DS standard. However, exceptions are provided in Article No. 20 ("Cybersecurity Regulation").
➡️ If second-factor verification is impossible due to constraints beyond the bank's control, rules for acceptance or rejection must be established to prevent fraud.
➡️ If a client loses money due to a digital transaction they deny participating in, the bank or financial institution will have to take responsibility and compensate for the losses (or prove that the user was at fault).
Banks have six more months to adapt to the new rules — until December 31. However, compensation for losses will only start from July 1, 2025.
It will be interesting to see how these changes impact the structure of the payment industry and the banking sector. We live in interesting times...

#news #Peru

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