Banking frauds surge in Mexico as banks repay only 24% of claimed losses

Bank fraud complaints in Mexico jumped 31% in the first quarter of the year, reaching roughly 1.5 million cases and a total claim of 5.2 billion pesos, according to the National Commission for the Protection and Defense of Users of Financial Services (Condusef). Financial institutions returned just 24.3% of the disputed amount – about 1.27 billion pesos – a modest rise from the previous year but still well below the total claimed.

Condusef president Óscar Rosado highlighted the growing role of artificial‑intelligence tools in creating sophisticated identity‑theft schemes, with fraudsters frequently using deceptive SMS messages that mimic legitimate bank communications to steal credentials and siphon funds. The rise in digital transactions and mobile‑phone usage has amplified the risk of users confusing fraudulent alerts with authentic ones, prompting calls from the private sector for stronger authentication measures and greater consumer protection.

The banking association (ABM) faces mounting pressure from companies that report heightened vulnerability of corporate accounts and are increasing spending on cybersecurity and monitoring services to defend against these attacks.