Mexico digital finance: Cybersecurity risks and payment options

Digital financial services in Mexico are facing increased scrutiny due to rising cybersecurity risks and the need for consumer awareness. Digital fraud in Mexico rose by 30% during 2023, according to data from CONDUSEF. Common threats include phishing and malware, with a recent incident in Ciudad Juárez involving over 200 people who lost money through a fraudulent delivery company email.

To combat fraud, CONDUSEF advises consumers to verify online lenders through the SIPRES registry and the CNBV supervised entities list. Key red flags include platforms requesting advance payments to ‘release’ credit and those using only social media or WhatsApp as contact channels.

Additionally, institutions like Infonavit are expanding digital and physical payment options to improve accessibility. Users can manage housing credits through digital tools like CoDi or at physical establishments such as OXXO, reducing the need for in-person office visits.