Chile banks discontinue coordinate cards as of Aug 1

On 1 August 2024 Chile’s financial regulator, the Comisión para el Mercado Financiero (CMF), brought into force General Norm N° 538, which ends the routine use of coordinate cards for digital banking transactions. The new rule requires banks to adopt reinforced client authentication (ARC), using at least two factors such as passwords, mobile devices, or biometric data. Banks must replace coordinate cards with modern methods like mobile apps, dynamic codes, facial recognition or token‑based solutions.

The regulation allows exceptions for vulnerable customers – older adults, people with disabilities, those lacking digital devices, or users unable to visit branches – which each bank may continue to serve with coordinate cards after informing them of the risks. Major Chilean banks have already migrated most clients: Banco de Chile eliminated its coordinate cards and promoted its “Mi Pass” and Digipass solutions; BancoEstado reports 94 % of its customers now use BE Pass, BE Face or card‑plus‑SMS authentication. The change aims to lower fraud risk and strengthen security for electronic transfers and payments across the Chilean banking system.