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New Rules Foster Credit Card Security
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December 20, 2010



Central Bank establishes new, safer financial services
Mexico City – The new rules on credit cards established by the Central Bank of Mexico (Banxico) provide more protection in case of theft, cloning or loss, the National Commission on Protection of Users of Financial Services (Condusef) said Sunday.

The new rules, which are already in effect, also establish new formats that facilitate buying and canceling credit cards in a safe and quick way.

There are 14.8 million active credit cards in Mexico, which represent 68 percent of the total number of cards issued by financial and banking institutions. Only 18 percent out of the 16 million operations performed per month correspond to cash withdrawals from ATMs.

Only 31 percent of credit card users completely pay their debts, while 69 percent only pay a partial amount per month.

Credit cards report the largest number of questions and complaints at the Condusef and other specialized units of financial institutions.

Ángel Trinidad Saldívar, the Commissioner of the Federal Institute for Access to Public Information (IFAI), said that US$205 million is stolen every day through cloned credit cards in Mexico.

The easiest way for criminals to have access to this information is through online purchases.

Nearly US$75 billion is stolen worldwide annually through credit cards and personal information stolen through the Internet.

Security experts have said that people are running the risk of losing control over their personal data, as new technologies make the exchange of information a lot easier, Trinidad said.




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