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Digital fraud continues to grow across Latin America, forcing banks, fintechs and financial institutions to rethink their authentication and customer identification models.
Attacks such as phishing, credential theft and AI-assisted social engineering are evolving rapidly, making digital identity management one of the main cybersecurity challenges for the financial sector in Colombia.
In response to this scenario, B-FY and ASISA have established a strategic partnership to promote a new authentication model based on decentralised biometrics and the elimination of passwords.
The goal is to help financial institutions better protect their users against identity fraud while improving access to digital services.
The cybersecurity landscape in the Latin American financial sector has become increasingly complex.
In Colombia alone, the financial system faces an average of 43 cyberattacks per second, according to data from Asobancaria. At the same time, digital fraud in financial services increased by 39.3% during the first half of 2024, according to a TransUnion study.
The threat is not limited to a single country. Kaspersky’s latest Threat Landscape report indicates that phishing fraud attempts reached record levels in Latin America, with 1.291 billion attacks blocked over the last twelve months, representing an 85% increase compared to the previous period.
These figures illustrate the scale of the challenge facing banks and fintech organisations across the region.
As part of this collaboration, ASISA integrates B-FY authentication technology into its portfolio of security solutions for financial institutions.
B-FY provides a passwordless-by-design authentication protocol that links the user’s real physical identity with every digital or in-person transaction.
The system is based on decentralised biometrics, ensuring that biometric data always remains on the user’s device and is never stored in centralised repositories. This approach significantly reduces the risk of massive data breaches while strengthening protection against identity fraud.
In addition, B-FY’s authentication model incorporates three layers of Strong Customer Authentication (SCA) that protect against major attack vectors such as:
For financial institutions, improving security cannot come at the cost of user experience.
Carlos Salazar Palacio, General Manager of ASISA, explains that this partnership enables the Colombian market to access a new generation of authentication solutions:
“By incorporating B-FY technology, we can offer an innovative decentralised authentication model that eliminates passwords, prevents identity impersonation and protects user data through biometrics.”
From B-FY’s perspective, the collaboration with ASISA represents an important step in expanding passwordless authentication across the region.
“Together with ASISA we are bringing Latin America a universal authentication model that eliminates passwords, protects privacy and delivers frictionless security,” explains Sergio Lázaro, DPO – Compliance Manager & Partner Development at B-FY.
Through this partnership, financial institutions gain access to an Authentication as a Service (AaaS) model that enables them to:
As digital financial services continue to expand across Latin America, authentication based on real human identity is emerging as a key component for building safer and more trustworthy digital ecosystems.
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