Mexicans still on fence about e-commerce, as fraud complaints add up
Over half of all credit and debit card fraud complaints filed last year before Mexico's financial services regulator Condusef originated from e-commerce transactions, highlighting the need to improve the country's cybersecurity.
The regulator said that it received 3.26mn fraud complaints in 2017 regarding e-commerce credit and debit card transactions, out of a total of 174mn transactions universe. That accounted for 51% of all credit and debit card complaints, it added.
There were only one complaint for every 10,000 transactions carried out in point of sale terminals, and seven in ATMs. In contrast, there were 188 complaints per 10,000 e-commerce transactions, Condusef added.
Mexico's e-commerce is growing at a fast pace, with leading regional e-commerce platform Mercado Libre recently announcing a 136% year-on-year revenue growth in the country in the last quarter of 2017.
"The online transaction universe has not been able to generate the optimal cybersecurity systems. Attacks and fraud aimed at companies such as Amazon or Google ... are more attractive because they offer access to large, global databases, whereas point of sale terminals have increasingly more controls," Jorge Negrete, director of local telecoms consultancy Mediatelecom Policy and Law, told BNamericas.
"Today there is regular work on a national digital strategy but I don't see a robust, high-profile, visionary platform regarding this challenge," he added.
Meanwhile, 43% of Mexicans have still not carried out any purchases or transactions online, according to a study from local pollster De Las Heras Demotecnia, in collaboration with Forbes Mexico.
The study found that while 44% of Mexicans consider e-commerce safe, 42% still have doubts about how secure it is.
The poll conducted via telephone among 500 Mexicans showed that 69% of respondents have yet to use the internet for banking or financial transactions, while only 12% report using online banking services as often as possible.
Of those purchasing goods or services online, only 9% do so four or more times a month. Among those who do make purchases of goods online, 60% have reported a good experience regarding delivery, while 29% have reported issues such as delays or minor damages, and 6% reported an outright bad experience.
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: ICT (Mexico)
India's TCS honing in on LatAm manufacturing
Last year, the company's revenues for the segment in the region jumped by over 20% on an annual basis, BNamericas was told.
Sector roundup: Data legislation in Colombia, consumer protection in Bahamas, lawsuit in Chile
BNamericas provides a roundup of ICT sector regulatory news.
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects in: ICT (Mexico)
Get critical information about thousands of ICT projects in Latin America: what stages they're in, capex, related companies, contacts and more.
- Project: AMX-3/Tikal Submarine Cable Branch
- Current stage:
- Updated:
3 months ago
- Project: MO2 Phase I Data Center
- Current stage:
- Updated:
3 months ago
- Project: SQROQT02 Data Center
- Current stage:
- Updated:
4 months ago
- Project: SQROQT01 Data Center
- Current stage:
- Updated:
4 months ago
- Project: SMEXSJ04 Data Center
- Current stage:
- Updated:
4 months ago
- Project: SMEXSJ03 Data Center
- Current stage:
- Updated:
4 months ago
- Project: SMEXSJ01 Data Center
- Current stage:
- Updated:
4 months ago
- Project: Andrómeda Data Center
- Current stage:
- Updated:
4 months ago
- Project: Cable Submarino Caribbean Express (CX)
- Current stage:
- Updated:
5 months ago
- Project: Oracle Data Center in Mexico (Cloud Region)
- Current stage:
- Updated:
5 months ago
Other companies in: ICT (Mexico)
Get critical information about thousands of ICT companies in Latin America: their projects, contacts, shareholders, related news and more.
- Company: Mexico Telecom Partners
-
Mexico Tower Partners (MTP) builds, owns, manages and leases telecommunication towers in the country, with a current portfolio of over 1,700 cell towers. The infrastructure is i...
- Company: Google México S. de R.L. de C.V.  (Google México)
-
Google México, S. de R.L. de C.V. is the Mexican subsidiary of US-based internet giant Google Inc. It provides administrative, financial, technical support and consulting servic...
- Company: América Móvil, S.A.B de C.V.  (AMX)
-
Mexico's América Móvil, S.A.B de C.V. is an integrated telecommunications services provider in Latin America. The company offers fixed and mobile services, pay television, IT so...
- Company: Def Alliance, S. de R.L. de C.V.  (Def Alliance)
-
Def Alliance is a Mexican consulting company that provides services and solutions to the manufacturing, entertainment, transportation, mining, utilities, and health and safety s...
- Company: Tars Holding, S.A.P.I. de C.V.  (Axity)
-
Axity, formerly called Getronics Holding Mexico, is an ICT company born from the merge of the Mexican firm Intellego and the Mexican and Colombian branches of Getronics. Axity s...
- Company: Grupo Carso S.A.B. de C.V.  (Grupo Carso)
-
Grupo Carso is a Mexican industrial conglomerate made up of a diversified group of companies in four business sectors: industrial, infrastructure, retail and energy, with activi...
- Company: Centennial Towers
-
Centennial Towers is an international service provider for wireless telecom operators, founded in 2007 in Panama. The company develops, owns, and operates towers, rooftop sites,...
- Company: Scitum, S.A. de C.V.  (Scitum)
-
Scitum S.A. de C.V. is a Mexican company controlled by Teléfonos de México S.A.B. of C.V. (Telmex) and Grupo Carso S.A.B. of C.V. The firm provides information security within L...