Sudeban established the regulations on “contactless”
The Venezuelan superintendency created the regulations regarding this type of payment that is just being incorporated into the country
The National Superintendency of Banking Sector Institutions (Sudeban) established a crucial regulatory framework for the implementation of short-range wireless technology, known as NFT (Near Field Communications). This technology facilitates contactless payments through cards, and Sudeban has issued an order to banks to define daily limits for the use of these innovative financial instruments.
Circular number 07735, dated November 27, establishes that banks must obtain prior approval from Sudeban to implement this technology and reinforce control measures to prevent fraudulent practices.
According to the circular, the daily limit amounts for contactless payments must be updated at least every six months, based on studies carried out by the Comprehensive Risk Management Unit (UAIR). These amounts can be established for a single transaction or as the sum of several transactions in the day, offering flexibility to the client to parameterize the use within the daily limits on any electronic medium.
The regulations also require category 2 authentication for payments with contactless cards that exceed the Daily Lower Limit Amount (MLID). Additionally, it is indicated that the contactless proximity card must be inserted into the payment device to validate parameters before authorizing payment operations that exceed the Daily Upper Limit Amount (MLSD).
Sudeban orders the implementation of parameters that allow the client to enable or restrict the service, in addition to reinforcing real-time monitoring of contactless transactions. The circular highlights the importance of early detection of unusual or unusual transactions, with recommendations such as the evaluation of transactional trends, activation of early alerts, timely notification to clients of unusual transactions, and the possibility of blocking or suspending access to the channel. of payment in case of irregular activities.
Additionally, banks are ordered to implement an electronic or SMS system to immediately notify customers about transactions carried out with contactless instruments, providing complete details. Banks must also have effective means of communication to process claims, notifications and possible fraud, with timely follow-up of these communications.
Despite the widespread adoption of contactless payment technologies, the Sudeban circular, led by the Superintendent of Banks, Anabel Pereira Fernández, reinforces controls to guarantee the safety and protection of customers.
K. Tovar
Source: Bancaynegocios
(Referential image source: Towfiqu barbhuiya, Unsplash)
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