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/ Wednesday, May 18, 2022
More extensive monitoring of banking transactions needed
As a strategy to reduce the impact of cyberattacks
T
Brenda A. Vázquez Colón, The Weekly Journal
he seizure of data from the “AutoExpreso” (tolls) system by computer hackers brought to light the technological vulnerability of both the government and the private sector in Puerto Rico. A month later, it is still unclear whether the hackers obtained confidential information from the clients of the privately operated platform. Zoimé Álvarez, executive vice president of the Puerto Rico Bankers Association (PRBA), explained that whether cyber piracy situations happen – where there may be some risk that a person’s confidential information may fall into the hands of criminals – it is the responsibility of each consumer to constantly monitor his/her banking transactions to identify unauthorized ones. “You have to evaluate your accounts’ statements regularly because so many payments are now being made electronically, it is not enough to look at them once a month. Commercial banks and some credit cards notify customers with alert calls about [suspicious] use. There are others that report all transactions,” Álvarez said. There are credit card companies that notify customers of each transaction for a low cost. Avoiding fraud is also convenient for banking institutions, as they can alert costumers about the possible inappropriate use of their information and prevent them from losing money. “The bank does not skimp on security platforms because the consumer has to trust their service, and responding to fraud costs the banks money, so we are active in carrying an educational message about the different fraud schemes,” said Álvarez.
How To React To Information Theft?
If a consumer has been notified that his/her data could have been stolen through a cyberattack on an institution that holds sensitive information such as social security number, bank account and credit card numbers, it is recommended that the person immediately act and contact the bank and ask how they can help. “If the company discloses that customer information is compromised, a remedy should be required to mitigate data theft. Generally, what they would do is pay clients the cost of a credit monitoring service for one or two years, so they can
You have to evaluate your accounts’ statements regularly because so many payments are now being made electronically, it is not enough to look at them once a month. Zoimé Álvarez, Executive Vice President, PRBA
be aware of transactions and avoid identity theft”, explained Wilton Vargas, a specialist on technology issues and founder of the “Tecnético” website. Consumers could also take other measures, such as being vigilant about their banking activities and requesting a report on their credit history to check that the information is correct. “By law, everyone has the right to an annual credit report. You also have to ask the bank and the credit card holding institutions what security mechanisms they can provide to secure your transactions,” Vargas explained. Álvarez recommended that if a consumer
is certain that his/her information has been compromised by fraudsters, he/she should immediately inform the banking institutions so that the fraudulent actions can be immediately stopped. “If you are a victim of a fraud scheme, you have to put the bank on alert to raise a red flag on transactions. Another option is to cancel your credit cards. “, Álvarez explained. She added that “it’s not only about not giving away your secret number, personal information or not opening unsolicited links… it is monitoring and corroborating to stop anything that does not add up.”
Legislative Action
The House of Representatives Committee on Government, chaired by Rep. Jesús Manuel Ortiz, recently held the second public hearing to investigate the operation of agencies involved in the development and implementation of cybersecurity plans in the public sector. “I am very concerned about the visibility of the information systems of private companies that manage government data, and about the citizens’ knowledge about the risks of cyberattacks. Experts expressing that the current state of cybersecurity on the island is critical and disorganized, demonstrates the urgency for developing a National Cybersecurity Law with Legislative, Executive and business support,” Ortiz said.
