Credit Cards: Financial Entities May Issue Credit Cards Without Name, According to SBS | Banks | NCZE | ECONOMY

Financial entities may issue physical credit cards without including the name of the client, according to the Superintendency of Banking, Insurance and AFP (SBS) in the new regulation for information security management and cybersecurity.

In this regard, Jorge Carrillo Acosta, the professor at Pacífico Business School, indicated that this measure occurs because credit cards are a product that can generate a lot of fraud when one has complete customer data.

“If I have your card number, CVV code and expiration date, I can make purchases, withdraw money or transfer, then the intention is to avoid that risk. So, if the card is ever lost, stolen or cloned, they will not have access to know who it belongs to and that is for security, ”he said.

Carrillo even proposed that the issue be seen in greater depth in financial institutions to encrypt the card number or some important data to avoid cloning or fraud.

“Only when you put the chip in the reader will the credit card be identified and you could put the last four numbers, which would be like your secret code. So in the event of any theft they will not be able to make any purchase because those digits will be held by the customer ”, he mentioned.

He added that there are 13 financial entities that have this plastic financial instrument and can adapt to these technological advances with new protection systems for their clients.

BANKING

For Enrique Díaz Ortega, founding partner of Mercado de Capitales, Inversiones y Finanzas (MC&F) Consultores, mentioned that this regulation on modification of credit cards without a name has a lot to do with the adequacy of electronic money.

In addition, the specialist said that the measure will serve to bank the people. “It is a way for people to see the convenience that the credit card is useful to use less cash. It is an excellent element for people to organize their finances, “he added.