The Venezuelan Banking Association (ABV) has spoken out about fake accounts collecting funds and humanitarian aid for disaster victims in Venezuela following the earthquakes.

The organization “detected the proliferation of fundraising channels of dubious origin, a fraudulent practice that seeks to divert financial contributions from their true charitable purpose.”

 

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Una publicación compartida por Asociación Bancaria de Venezuela (@asobancave)

The ABV has recommended several preventative measures to the public to avoid becoming victims of scams and, above all, to help ensure that all donations effectively reach those who need them most.

Some of the ABV’s suggestions are:

• Make donations through a duly registered NGO, as well as corporate foundations or recognized charitable institutions.
• Prioritize transfers to accounts in the institution’s name and avoid methods like mobile payments or transfers to individuals, except when you fully trust them.
• Never reveal personal information, user passwords, or OTP codes via calls, messages, or social media.
• Discard any suspicious links and verify that you are using an official application.

M.Pino

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The president of the Venezuelan Banking Association, Pedro Pacheco, estimates loan portfolio growth of between 40% and 45 % thanks to strategies implemented by the banking sector to reactivate formal financing.

According to the official, “many economists and analysts say that this is insufficient for what the country needs. It’s true, because we are starting from a low base, but we shouldn’t underestimate the fact that 45 % growth is a significant increase.”

Pacheco says that bank financing represents approximately 3 % of GDP. “The private sector’s plan is for intermediation levels to climb to 20 % in the medium term and eventually reach 50 %, a trend that aligns with the Latin American regional average.”

The banking sector is taking steps to recover and reach out to corporate and individual clients in order to anticipate market opportunities “before the macroeconomic environment fully stabilizes.”

He acknowledged that credit limits remain below the ideal scenario; however, the current trend is favorable thanks to the increase in credit card limits and other available financing instruments.

M.Pino

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Cybercrimes in the Venezuelan financial system continue to increase, as warned by the country’s Banking Association, highlighting identity theft and phishing as the most common methods.

Digital fraud cases are being carried out against corporations, SMEs, and individuals in increasingly sophisticated ways. In this regard, the ABV emphasizes “the need to strengthen a culture of prevention among users and companies.” The warning is based on a study conducted in October 2025 among private banks in the country, which concludes that phishing and identity theft remain the most frequent criminal activities.

On the other hand, the association details that banking institutions remain the primary target of cybercriminals, who “send fake links via email, social media, or search engines, mimicking the official websites of financial institutions.”

The ABV calls for the implementation of strong security measures leading up to 2026, when, according to its estimates, AI will be the main tool hackers use to commit their digital crimes.

M.Pino

With information from finanzasdigital.com

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In the opinion of Pedro Pacheco, president of the Banking Association of Venezuela (ABV), the massification of credit in the country will take time.

In an interview with Unión Radio on March 7, the president of the ABV indicated: “The solution to the lack of credit in Venezuela involves stabilizing macroeconomic policy and restructuring the external debt, since the country defaulted in 2017.”

According to Pacheco, it is necessary to first resolve, or at least work on it in parallel, the problem of default. Likewise, large capital is required, the restructuring of the debt and that “the terms of how it will be paid be stated.”

Until these crucial issues are addressed, “financing will be very restricted.”

Although credit increased 90 % in the last year, it is insufficient. Pacheco mentioned that currently a credit card “can have a limit between $100 and $150,” which is very little.

In this sense, he said that since the end of 2023, the review of the limit amounts of credit cards began. And although different national banks have already made adjustments, the limit is still insufficient.

M.Pino

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