The Superintendency of Banking, Insurance and AFP (SBS), through SBS resolution No. 03240-2023, approved the modification of various rules of the regulations of the financial system, such as conduct management, credit and debit cards, commissions and expenses, and claims management.
One of the most relevant developments is the new notification requirement. Thus, users must be notified about the realization of all operations charged to the line or to the funds that the holders have in their accounts, regardless of the amount or type of operation.
“Previously, for operations that the company determined to be low risk, there was no obligation to send notification to the owners. Now, no matter what the level of risk is, or the amount committed in the transaction, the communication has to reach all debit card holders linked to a savings account or credit card holders,” he indicated. Brian Sánchez, principal supervisor of market conduct at SBS, to La República.
The objective of the new provision is for consumers to be aware of the operations they carry out, validate them and, if they do not recognize any, they can make a claim or block the corresponding cards or lines quickly.
It is important to note that payments from digital or electronic wallets are also included.
“Nowadays, one pays by scanning QR available, e.g. in wineries where consumption can be S/2 or S/3. Even those low amounts must be notified via email or message“Sanchez added in dialogue with this medium.
Banking entities can communicate through text messages or emails, depending on the data they have registered about their clients.
What other modifications have been approved?
As well as this rule, the SBS has provided other changes related to the micropayments, register of claims and the hiring of insurance.
Micropayment operations
Micropayments, operations for insignificant amounts and with a maximum limit, may proceed without the need for reinforced authentication, which is the result of the combination of two factors: inserting a card and entering the password or Pin.
Thus, in case the micropayments do not exceed the maximum limit of S/150 or what each entity establishes, they will not need to carry out the complete authentication process.
Furthermore, it is established that in the case of unrecognized operations, companies must prove that it was the account or card holder who carried out the operation.
“The standard has shifted the burden of proof to companies in the financial system, which now must prove that the user is the one who executed the operation. If they cannot prove it, they must assume the cost or amount of this unrecognized micropayment operation,” says Sanchez.
In that sense, the use of only one factor of reinforced authentication, both card and Pin, does not establish the user’s responsibility in the event of an unrecognized expense.
Insurance contracting
Another added modification is that banking entities may only allow the contracting of associated insurance that is of relief (death and disability) or that protect the guarantee.
Different insurances will require a separate and independent contract. Sanchez indicates that this is so that citizens, when taking out card protection insurance, make the decision consciously, without feeling that they are conditioned to taking out additional insurance.
Free advance payments
It is also established that all advance payments or advance installments must be completely free. Likewise, companies from now on must maintain the same channels that are usually offered to make common payments.
The SBS specialist emphasizes that the purpose of these modifications is to be able to “homogenize” operations and allow users to exercise the right to settle accounts early or advance payments freely, since there were many means available to pay for the cards, but for prepaids only one channel.
Differentiated claims
A final crucial point is that entities must maintain records of claims and complaints in separate reports, according to the characteristics of each one.
Thus, companies must manage, safeguard, and store claims and complaints in a differentiated manner so that they can subsequently be adequately reported to the SBS through internal systems.
Source: Larepublica
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