The Venezuelan Banking Association seeks to institutionalize September of each year as Compliance Month, recognizing the need to adapt to the new demands of the global landscape.

“For Venezuelan organizations, understanding and adhering to these standards is increasingly relevant for developing commercial and financial relationships in environments where risk management, transparency, ethics, and compliance are essential for doing business.”

In this context, the event “Overcompliance vs. Global Strategic Compliance: Transforming Risks into Opportunities” will be held on the 16th and 17th of this month in Caracas, at the Venezuelan Banking Association Tower.

The seminar agenda includes addressing the various “dimensions of compliance,” such as “strategic risk management, supporting business growth, corporate integrity, correspondent banking, and the implementation of international standards in the Venezuelan business environment.”

Among the international guests are Wilmer Guerrero, Senior Vice President and Director of BSA/AML and Consumer Compliance at Banesco USA; and Rocío Pérez Mies, Global Director of Regulatory Compliance at BBVA Group. Representing Venezuela will be Lourdes Pulido and Pedro Luis López, vice president and president of the Compliance Officers Committee of the Venezuelan Banking Association, respectively; Henry Rivero, president of Agile Check; Nancy Granadillo, lawyer and compliance specialist; Silumerany Rodríguez, lawyer and certified public accountant; Oscar Perdomo, economist and compliance consultant; Jesús Mora, lawyer and specialist in AML/CFT/FPADM risk management; Maikel Rengifo, director of the AML/CFT/FPADM Risk Management Office at SUDEASEG; and Mercedes Rodríguez, head of Financial Services at Forvis Mazars in Venezuela.

This year, the Venezuelan Banking Association joins the commemoration of Compliance Day, celebrated on Saturday the 26th, with a related event on September 25th focused on “The Importance of Compliance for Venezuela in the Current Circumstances.”

This event will recognize the work of professionals in this field and “provide a forum for analyzing their evolution in the face of business transformations and new market demands.”

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La entrada Venezuelan Banking Association wants to make September compliance month apareció primero en Bitfinance.

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.

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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.

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With over 1,100 attendees and 12 presentations, the 3rd International Cybersecurity Congress, under the theme “The Future of Cybersecurity is Agentic,” organized by the Venezuelan Banking Association (Asobanca), solidified its position as one of the leading regional forums for discussion on digital security. It demonstrated the growing interest of organizations in strengthening the protection of their technological resources and preparing for an increasingly demanding business environment aligned with international standards.

In a context of new opportunities for the country, where digital transformation and eventual integration with international markets demand higher standards of protection, the Congress brought together international experts from countries such as Argentina, Brazil, Colombia, Ecuador, Guatemala, and Panama, as well as national experts, to discuss the main emerging risks, new cyber threats, and the capabilities that organizations must develop to protect their operations.

During the opening of the Congress, Pedro Pacheco Rodríguez, executive president of the Venezuelan Banking Association (Asobanca), highlighted the speed at which the technological environment is evolving and the impact this has on corporate security strategies.

“In the last edition, the central theme was Artificial Intelligence (AI), and in just one year we already have to talk about artificial intelligence agents (AIAs),” he stated, referring to a new technological stage in which systems no longer just respond to instructions, but also plan, decide, and execute tasks autonomously.

One of the first warnings came from Rafael Núñez, CEO of Más Que Seguridad, who cautioned about the advancement of agentic AI for both defense and attack. He explained that while traditional hacking required high levels of technical expertise, today there are systems capable of perceiving, reasoning, and planning actions autonomously, lowering barriers for attackers and exponentially increasing the attack surface.

He also warned of a paradigm shift: the attack surface is no longer limited to traditional malware, but extends to the logical manipulation of systems, in a context where digital fraud is becoming increasingly industrialized and sophisticated.

Núñez emphasized that the Asobanca event and its convening had indeed positioned itself as a major, regionally recognized event on digital security.

From a forensic perspective, Pascual González Rodríguez, head of investigations and supervisor of the Computer Crimes Division of the Scientific, Criminal and Forensic Investigations Corps (CICPC) and former member of Interpol’s Americas Group against Cybercrime, highlighted the role of digital forensics in strengthening investigations and responses to cyber incidents. “Every attack leaves a trace; we must know how to read and interpret them,” he stated, while warning about the sustained growth of incidents in Venezuela and the increase in users exposed by data leaks and vulnerabilities in technological platforms.

The discussion analyzed how artificial intelligence agents (AIAs), new attack models, and quantum computing are transforming the protection of digital ecosystems

Among other presentations, Karina Bierkamp, ​​cybersecurity manager at Setrys, offered a perspective on the Venezuelan context. She asserted that many organizations are vulnerable not due to a lack of tools, but rather to mindset problems and poor practices. During her presentation, she warned about the high level of exposure of leaked credentials and vulnerabilities in application programming interfaces (APIs), which have become potential channels for information leaks. “Hackers don’t need to be geniuses to get in because they’re often already inside,” she cautioned.

The human factor also took center stage at the Congress. Juan Camilo Reyes (Colombia), Vice President of Business Development for Cybersecurity and Fraud in South America at Mastercard, noted that phishing remains one of the most persistent threats worldwide and that, in many cases, a single wrong click is enough to compromise entire security efforts. He also drew attention to the disconnect that still exists between fraud and cybersecurity teams within organizations, pointing out that working in silos limits the ability to anticipate and respond to incidents.

From IBM, Yonathan Ledo (Ecuador) and Alexander Patarra (Brazil) addressed the impact of quantum computing on current cryptographic systems, warning of the urgent need to move toward crypto-agile processes capable of identifying cryptographic assets and planning transitions to new algorithms resistant to future threats. “This isn’t just for banks; it affects the entire industry. Cryptography is everywhere,” they pointed out, emphasizing that the challenge is no longer just protecting future data, but also the data that organizations currently safeguard.

Learning from what happened to Digitel and Cashea

While the presentations provided insight into the evolution of threats, the panel “From Vulnerability to Strength: Lessons from Cyberattacks” grounded the conversation in real-world experiences, demonstrating how a cybersecurity crisis unfolds and is managed after an attack has already occurred.

During the discussion, representatives from Cashea and Digitel openly shared the lessons learned from facing real incidents, addressing operational, technical, reputational, and communication decisions.

On behalf of Cashea, Ernesto Vincelli (Argentina) highlighted the importance of communicating the incident early to the community and users to alert them to potential secondary risks, reinforce official channels, and maintain trust. “One of the most difficult, yet most important, decisions was communication,” he explained, adding that the company decided to publish a post-mortem technical report detailing what happened and reaffirming that paying ransoms is not a viable solution.

On behalf of Digitel, Gabriel Díaz acknowledged that the organization was unprepared to face an incident of this magnitude when it occurred. The company suffered disruptions to its digital channels and compromised internal accounts, a situation that forced it to implement deep cleanup processes, recreate access credentials, and rethink its security policies. Beyond the technological aspects, Díaz emphasized that the main challenge was cultural and organizational, recognizing that the lack of investment and prior preparation created significant vulnerabilities. Based on this experience, he explained, the organization strengthened its capabilities by creating a cybersecurity committee, conducting regular drills, performing black-box and white-box analysis, and implementing new response frameworks.

The panel reached a clear conclusion: cyberattacks are no longer a hypothetical scenario, but a real possibility that demands preparation, leadership, and cross-functional collaboration within organizations.

A human and emotional perspective through music

To close the day, Elisa Vegas, director of the Gran Mariscal de Ayacucho Symphony Orchestra, presented the immersive experience “What Does a Cyberattack Sound Like?”, a performance that led the audience to reflect on cybersecurity from a human and emotional perspective. Through music, she reminded them that behind every technological threat there are also people, teams, and decisions, highlighting the importance of communication and teamwork as essential elements for facing any crisis.

Concluding the day, Pedro Pacheco Rodríguez, president of Asobanca, announced the fourth edition of the International Cybersecurity Congress, to be held on May 27, 2027.

With information from Asobanca, other international and national media, and social networks  

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The Venezuelan Banking Association (AVB) issued Circular No. 188, informing that, starting May 1st, the Central Bank will cease processing checks through the electronic clearinghouse (CEE).

According to the AVB, a new system will be established: validation and collection will be done directly at the teller window of the issuing bank. If the person has an account at the same institution, “the payment can be made via direct deposit at the teller window. If they are not a client of the issuing bank, the institution may choose to pay in cash –depending on the amount–, facilitate the opening of an account, or apply other mechanisms.”

Regarding the availability of funds, it will be immediate if the check is deposited into an account at the same bank. “However, if the transaction involves different institutions, the money will be available the next business day.”

The AVB (Venezuelan Banking Association) reported that this new system may involve the collection of fees, depending on the method used.

The change in check cashing is part of the transition to the era of digital payments. This method has been steadily gaining ground. “According to the Banking Association, 99.9 % of transactions in the country are already carried out through digital channels.” Furthermore, “the removal of checks from the clearinghouse reflects their declining relevance in an environment dominated by electronic transfers and digital payments.”

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The 3rd International Cybersecurity Congress, convened by the Venezuelan Banking Association (Asobanca), will take place on May 26 in Caracas.

The invited panelists will address key topics not only for the future of Venezuelan banking in the digital sphere, but also topics of global interest, such as electronic fraud, the use of AI in banking infrastructure, customer service efficiency, and the interconnection of international markets.

According to the organizers, “this event arises at a time of transformation for the national financial sector, where information protection has ceased to be perceived as a mere operating expense and has become a strategic pillar of competitiveness.”

“In today’s digital economy, cybersecurity has become a differentiating business enabler that projects strength in the global environment,” the association stated, highlighting “the role of security as an engine of innovation” as one of the main topics on the agenda.

In this regard, they indicated that “a secure infrastructure is the only way for financial institutions to deploy emerging technologies, such as Artificial Intelligence (AI), with the speed demanded by the current market without compromising the integrity of their clients’ data.”

Customer loyalty through digital trust will be another topic of discussion during the 3rd International Cybersecurity Congress.

Asobanca has highlighted compliance with international security standards as a strategic value and “crucial for projecting an image of solvency and professionalism to international investors and correspondent banks, thus facilitating interconnection with global financial markets.”

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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.

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Pedro Pacheco, president of the Venezuelan Banking Association (Asobanca), declared this Monday, in an interview for Unión Radio, that the country must prioritize the restructuring of the external debt so that the necessary loans can enter.

According to Pacheco, “Venezuela is a tremendous highway if we look at it in the next few years, and we have to work based on that potential that is still there.”

For the development of the nation, strategy and human talent are required, in addition to investment in technology, added the president of Asobanca.

Regarding this last point, he pointed out that “the Bank is working on these aspects, including granting loans to entrepreneurs, using what is called big data to make these decisions.”

Other areas in which investment should also be made, according to Pacheco, are the electricity and water supply services; in hospitals, schools, among others.

During the interview, Pacheco emphasized the need to resolve the issue of default: “you cannot go and ask for a loan if you are in arrears with that person,” he concluded.

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The president of the Venezuelan Banking Association, Pedro Pacheco, pointed out that by the end of 2024 between 75 and 80% of banks will have implemented contactless technology and that by the beginning of 2025 its incorporation is expected to be 100 %.

Pachecho gave the information during an interview for Unión Radio, and “advanced that the initial limit of the card will be $20 to speed up the process and evaluate how it works.”

The official clarified that if the user spends more than $20, the system will ask for the password and that as the amounts increase, the demands will be greater.

Facilitating transactions and offering greater security to national banking users is the focus of technological initiatives by national authorities.

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La entrada Contactless technology will be in more than 75% of banks by the end of 2024 apareció primero en Bitfinance.

On May 16, in the Plaza Real Hall of the Eurobuilding hotel in Caracas, the I International Cybersecurity Congress “Creating Consciousness and Awareness in Cybersecurity” will take place.

The event, which will begin at 7:30 in the morning, will address topics such as cyberattacks, secure data management, information protection, artificial intelligence; attacks at global, regional and local levels; vulnerability of SMEs, the government sector and, particularly, the banking sector; importance of training in this matter as a form of prevention, among others.

The Banking Association of Venezuela, which organizes the event and participates with several speakers in this I International Cybersecurity Congress “Creating Consciousness and Awareness in Cybersecurity”, within the framework of the celebration of its 65th anniversary, invites you to participate in this meeting.

Those interested can purchase tickets on the Liveri platform, or at the ticket offices of all Cinex in Greater Caracas.

1er Congreso Internacional de Ciberseguridad organizado por ⁦@ABVasobanca⁩ No estamos todavía lo suficientemente conscientes de lo que significa para la economía los ciberataques. En términos económicos equivale al tamaño de la 3ra economía del mundo luego de USA y China. pic.twitter.com/x50Sum4aSS

— Pacheco Rodriguez Pedro (@pachecorpedro) May 1, 2024

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