All banks in Panama must have integrated circuit technology by December 20, 2014, with an option existing to take an additional three months, until March 2015.
Debit and credit cards must have a microcircuit or chip system which provides more security and more storage of user information with the aim of "... Checking by means of cryptographic procedures, that the card and point of sale where it is used are valid, before carrying out electronic banking services. "
On October 22nd the sixth bank security forum in Panama will he held and will address issues related to risk management and security of transactional systems.
The event being run by the Banking Association of Panama (ABP), will discuss issues such as the form and migration of the crime of bank robbery, cyber Banking Security, Security for ATM's, computer crimes and research methods in Panama, among others.
The Superintendency of Banks is preparing regulatory changes in order to reduce the time it takes to clear a check from three days to just one.
The rules that the regulator has proposed in Agreement 1-2014, issued in March, aims to improve safety and modernize the means of payment of the country, punctually, standardizing checks circulating in the Panamanian financial center.
The movement of illicit capital in Costa Rica and Panama counts for more than 10% of their respective GDP, meaning that its removal would be a major blow to their economies.
Editorial
The report entitled "Illicit Financial Flows from Developing Countries: 2001-2010" by Global Financial Integrity, reveals that during the first 10 years of the new century, the flow of illicit money in Costa Rica amounted to $64 billion, while in Panama the total was $40 billion.
Under the theme, "Safety Depends on You", on 26 September the IV National Meeting on Banking Security takes place.
Organized by the Panama Banking Association (ABP), the event will address topics such as:
-Mobile Banking, risks and safety measures in the new financial services model
-Types of crime in Panama
-Computer security crimes in Panama.
"Participating in the event are: James Berry, vice president of Security and Fraud Risk at HSBC Panama and authorities such as Naya Fernandez, senior prosecutor Specialized Crimes and Intellectual Property Security, the Attorney General's Office, among others ", reports Capital.com.pa
The Banking Association and the Superintendency of Banks of Panama have developed a set of standards in order to ensure the security of online banking.
The regulator has set up a department specializing in risk technology that aims to monitor the proper implementation of existing rules governing online banking.
"91 banks operate in Panama general international and representation license.
Banks must keep videos of people entering and exiting for at least 12 months instead of the current 3 months, among other provisions.
The Superintendency of Banks of Panama has amended Agreement no. A -2007 to update the rules governing the minimum security measures to be adopted by banks, reported Prensa.com
With this new provision, banks are required to establish mechanisms and processes that contribute to the prevention of accidents and criminal acts that may harm the banks and their customers, according to an official statement from the superintendent.
Panamanian Private institutions will strengthen their systems to prevent card cloning, among other activities.
The IX International Congress of the Pan American Federation of Private Security, held recently in Panama, yielded very good results for private banks, who are taking under consideration the experiences shared at the event and are beginning to strengthen their security systems.
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This decade will see governments, organized crime and individuals declare cyber war on companies' information.
Computer fraud is now a full time business for many, whether it be for profit or in an attempt to achieve a competitive advantage. Governments regularly acuse each other of cyber foul play and institutions are having to take ever more drastic measures to protect themselves.
Protecting what matters: the sixth annual Deloitte Touche Tohmatsu (DTT) Global Financial Services Industry (GFSI) Practice information security survey.
The goal of the 6th Annual Global Security Survey for financial institutions is to help respondents assess and understand the state of information security within their organization relative to comparable financial institutions around the world.
The Superintendence of Banks is implementing the use of new tools and system platforms in order to improve the data transfer system.
According to pa-digital.com.pa, "This system consists of each bank preparing the information based on established data structures and then using ITBANK to send it to the Superintendence, thereby improving the transfer of information by 75%.