Thursday, January 27

To avoid fraud: What is the action that Mercado Pago will no longer allow its users?

In that sense, all plastics that do not match their ownership with the application carrier will be eliminated as means of payment immediately.

With this objective, Mercado Pago communicated that it will ensure that the user’s account “is always protected” with these methods:

  • Verification and authentication methods that strengthen the security of your account.
  • Identity validations to confirm the person who is using the account.

The Mercado Libre service measure follows the instructions of a resolution issued by the Central Bank.

The entity launched several measures to increase the security requirements in wallets under its commitment to prevent and prosecute digital fraud, and imposed as a limit on October 31.

“Electronic wallets and entities of the financial system will have to take new security measures to prevent deception of users of financial services”, the agency explained in a statement.

Use of wallets

In recent months, the virtual wallet business has stomped in the country with applications from 34 banks and fintech companies competing for a space in the rapidly expanding market.

Last July, a study was presented on users of electronic money of the Red Link that indicated that 72% of those who access their bank account through their cell phone have downloaded a virtual wallet and that it represents more than 200% of those who had it in May 2020.

The national scope is led by Mercado Pago, Ualá and Naranja X while the public banks are represented through the DNI Account (Banco Provincia) and BNA + (Banco Nación) and the consortium of more than 30 private and public banks that, the Last year, it launched a joint payments solution: MODO.