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Dominican financial services face growing fraud threat

Santo Domingo.- The FICO Forum, a Way to Fight Fraud in Financial Institutions, held in Santo Domingo Wednesday, showed financial market executives the region’s best practices to avert fraud and analyzed market trends.

Sales director José Vargas, who also heads the Dominican market, warned that fraud jumped 15 % worldwide in 2013 while one fraud is committed against the financial system every 3 seconds in the United State.

The executive revealed that 40% of all frauds involve credit cards. “Theft and counterfeiting account for more than 50 % of credit and debit card fraud worldwide.”

Vargas said Dominican Republic’s constantly widening bankarisation and expanding credit also entails increasing fraud.

For FICO pre-sales consultant and fraud prevention expert Fabricio Ikeda, fraud has increased dramatically in Latin America in international transactions in recent years. “With the increasing use of chip and PIN cards, scammers have moved on to what’s called cross-border fraud.”

Source: DT

Category: DR News |

  1. Samson

    No information on what is being done about it! So far just talk

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Last updated March 23, 2017 at 1:16 AM
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