Tarjeta de coordenadas: Quiénes podrán seguir usándola y plazos de los bancos – El Mostrador

The Comisión para el Mercado Financiero (CMF) in Chile is overseeing the systematic phase-out of physical coordinate cards used for online banking authentication. This regulatory transition aims to modernize security protocols across the national banking sector to combat the rising prevalence of digital fraud.

Coordinate cards, which provide a grid of numbers used as a second factor of authentication for transactions, are being replaced by digital tokens and biometric verification. The CMF has identified these physical cards as a significant vulnerability in the security chain, particularly regarding social engineering attacks.

Security Vulnerabilities and Fraud Prevention

The shift is driven by the increased risk of phishing and social engineering. Fraudsters often deceive users into providing specific coordinates from their cards over the phone or through fake websites, allowing criminals to authorize unauthorized transfers from bank accounts.

Digital tokens and biometric systems, such as fingerprint or facial recognition, provide dynamic and unique authentication codes. These methods are significantly harder to intercept or steal compared to the static numbers found on a physical coordinate card.

Exceptions and Inclusive Access

Despite the push for digitalization, the CMF requires banks to maintain alternative access methods for populations that cannot migrate to digital tokens. This primarily includes individuals who do not own a smartphone or those with accessibility needs that prevent them from using mobile applications.

Banks are mandated to ensure that these users are not excluded from financial services. For this segment, banks may continue to offer physical coordinate cards or provide other non-digital authentication alternatives, provided they implement additional monitoring to mitigate the inherent security risks.

Bank Deadlines and Implementation

The timeline for the complete removal of coordinate cards varies by institution, as the CMF allows banks to set their own migration schedules based on their specific customer base and technological readiness. Most major Chilean banks have already begun notifying customers of the expiration dates for their physical cards.

Banks are required to provide clear communication regarding these deadlines and offer guided support to help users activate digital tokens. This process typically involves updating the bank’s mobile app and verifying the user’s identity through a secure onboarding process.

Modern Authentication Alternatives

The transition involves the adoption of several advanced security technologies designed to replace the coordinate system:

• Digital Tokens: Software-based generators that produce a time-sensitive code that expires every few seconds.
• Biometric Authentication: The use of fingerprints, iris scans, or facial recognition to verify the identity of the account holder.
• Push Notifications: In-app prompts that allow a user to approve or deny a transaction with a single tap after biometric verification.
• Passkeys: A newer standard that uses public-key cryptography to remove the need for traditional passwords and coordinate grids.

The CMF continues to monitor the implementation of these tools to ensure that the transition does not create a digital divide. The regulator’s focus remains on balancing the need for higher security standards with the necessity of universal financial inclusion.