After billion-dollar losses, financial firms increase investment in security

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2024 promises to be a remarkable year for Brazil’s financial sector. A major investment of R$47.4 billion will be directed towards data, compliance, security and customer experience. This initiative, driven by 113 banks affiliated to FEBRABAN (“Federação Brasileira de Bancos”), demonstrates the sector’s commitment to fighting financial crime and strengthening the reliability of the system.

Compliance in highlight 

 

Compliance is a commitment to ethics, transparency and accountability. The compliance approach provides extensive protection against key threats. By identifying and analyzing risks such as fraud, corruption, legal sanctions and reputational damage, it ensures that organizations meet all their legal obligations, such as tax, labour, environmental or others. It also promotes a culture of ethics and integrity, from management to entry level employees, and establishes rigorous procedures to prevent and detect any type of corrupt practice.

Actions against financial crimes

 

The increasing need to create compliance measures against financial crime is one of the main reasons for this billion-dollar annual investment. In 2023, compliance costs in Latin America, including Brazil, increased by 97 per cent, reaching a total of US$15 billion, according to a study by LexisNexis Risk Solutions.

Last year, R$39.9 million was spent on training 226,400 technology professionals, an increase of 139 per cent compared to 2022, demonstrating the sector’s commitment to keeping up to date and combating new cyber threats.

As well as combating fraud, the investments are also aimed at improving the customer experience, making technology a tool that offers more efficient, personalized and secure services.

A safer future for the financial industry

 

A study conducted by Forrester Consulting, together with 268 financial institutions in Latin America, found that 39 percent of respondents identified increasing financial crime demands and regulatory expectations as the main reasons for rising compliance costs.

In this scenario, investments in data, security and customer experience are essential to ensure the competitiveness and sustainability of the financial industry in Brazil. The institutions that stand out in this regard will be the ones that gain the trust of their customers and position themselves as leaders in the current market.

Tuvis together with the financial sector

 

Tuvis integrates your company’s WhatsApp with the main compliance solutions, recording all interactions directly in your database. This not only meets legal requirements, but also ensures that your organization remains compliant. Get a free demo here.

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