Despite Wave of Cyber Attacks, Banks in Mexico Double Down on Biometric Tracking of Customers

Mexico becoming a hub for cyber crimes too.

Rigged Game

For hackers, biometric data is the Holy Grail.

In a move fraught with risk, Mexico, a country that has become a haven for the black market of stolen personal data of all kinds, is about to build a big biometric database to be used not just for the benefit of government institutions but also for the nation’s banks.

Last year a law was passed that gave Mexican banks until the end of August 2018 to collect biometric data (finger prints and iris scans) on all their customers. Foreign-owned subsidiaries of global banks like Citi and BBVA were thrilled with the initiative arguing that it would help them combat identity theft. It could also help lenders fulfill their “know your client” (KYC) anti-money laundering checks, at much lower cost.

The ultimate goal is to develop a unique identification system that will work alongside the government’s national ID scheme, which is apparently…

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