Financial security measures strengthen in Colombia and Chile

Financial institutions in Latin America are implementing advanced security measures to combat rising digital fraud. In Colombia, the financial infrastructure firm Rapyd has strengthened its service portfolio by integrating biometric facial scanning, real-time behavioral analysis, and automated identity verification to mitigate risks such as identity theft and social engineering.

In Chile, new regulations under General Character Norm N°538 from the Commission for the Financial Market (CMF) now mandate double identity verification for critical operations. Since August, banks, cooperatives, and fintechs must use at least two independent factors—such as passwords combined with biometrics or devices—to process electronic transfers or sensitive data changes. This regulatory shift aligns with a global trend toward technologies like passkeys to reduce reliance on traditional passwords.