Itaú reinforces customer security with 5 million validations against bank fraud
Digital banking fraud remains a major concern for consumers. Every year, billions of euros are lost in scams that are becoming more and more sophisticated: fake messages, deceptive emails and identity theft are part of everyday life. In an Avast survey, 92% of users say that detecting such attacks is becoming increasingly difficult.
With the growth of online banking - expected to exceed 400 million users by 2027 - the need to strengthen security has never been more urgent.
That's why Itaú, the largest bank in Brazil and Latin America, has integrated digital solutions offered by Telefónica to reinforce its validation system. Thanks to this, more than 5 million verifications per month have been achieved, drastically reducing the risk of fraud and offering more than 70 million customers an even more secure digital experience.
Security and trust at scale: the impact on digital banking at Itaú
For Itaú, protecting its clients is a priority. With these solutions from Telefónica, the bank has incorporated a system that detects fraud attempts in real time, validates users' identities and streamlines key operations. The result: more secure processes and a frictionless digital experience.
How does this digital solution work?
The digital solution from Telefónica integrated by Itaú is called SIM Swap, and it focuses on strengthening the security of every transaction and protecting millions of customers against fraud attempts. It enables real-time detection and management of SIM card swaps, one of the most common methods used by cybercriminals to access bank accounts.
Thanks to this technology, Itaú automatically analyses SIM changes and adds an extra layer of validation before authorising any sensitive transactions. This not only reduces risk, but also streamlines key processes and provides a more reliable user experience.
In addition, it is easily integrated into the bank's systems, enabling it to adopt an advanced security strategy without affecting its customers’ digital experience.
Other solutions from Telefónica Open Gateway’s SIM Swap API
The integration of this solution is just one part of a broader strategy that Itaú is implementing to reinforce the security of its digital banking. By combining this technology with other APIs from Telefónica, the bank has built a more robust security ecosystem ready to detect threats in real time.
This technological synergy makes it possible not only to protect users against fraud in banking transactions, but also to offer more agile, secure and frictionless experiences, raising the standard of digital banking across the region.
