Itaú reinforces its digital banking and security with Telefónica solutions

Itaú Unibanco, the largest bank in Brazil and Latin America, is taking its digital strategy to another level with the incorporation of new technology solutions from Telefónica, which strengthen security and improve the customer experience. The bank integrates advanced identity validation, device control and fraud detection tools that are already helping to further secure its operations.

This development is in addition to the integration of the SIM Swap solution, implemented in 2023, which enables real-time detection of fraud attempts associated with SIM card swaps. Thanks to it, Itaú already performs more than five million monthly validations, protecting transactions and securing every step in the digital journey of its more than 70 million customers.

Beyond highlighting the technology they have incorporated, Itaú is verifying these implementations with tangible results. With the identity verification solution (KYC), the bank has handled more than 3 million queries by 2025, achieving a 15% cost reduction and a 10% improvement in the efficiency of its customer analysis processes.

In addition to these capabilities, tools for number tracing, number verification and fraud signal analysis are already in use or being tested. This combination of different solutions allows them to anticipate threats, streamline critical processes and deliver frictionless digital experiences where users do not notice the complexity behind each operation.

"We are raising the level of security and simplicity in all digital interactions. With these solutions we are able to strengthen trust and speed up our customers' daily interactions.", says Augusto Nellessen, CTO of Itaú Unibanco.

Telefónica has worked with Itaú to integrate these solutions in a standardised and scalable way, accelerating the development of innovative financial products and services.

In addition to SIM Swap, which has been in use since 2023 to detect fraud attempts linked to SIM card swaps, Itaú has added new network capabilities that further strengthen its digital banking. These include:  

1.      Know Your Customer (KYC): helps to confirm the identity of customers.

2.      Device Location Verification: allows to verify if the customer device is in an expected location.

3.      Device Status: checks if the device is roaming and in which country.

4.      Number Verification: validates that the telephone number used belongs to the customer.

5.      QoD (Quality on Demand): optimises the mobile connection by providing greater stability and availability when needed.

6.      Line Tenure: checks the age of the phone line to reinforce security.

7.      Scam Signal: identifies suspicious patterns that could indicate scam attempts.

The integration of these tools allows the bank to design more secure, seamless and personalised experiences for its more than 70 million customers. 

With this set of solutions, Itaú advances in its innovation strategy, reinforcing trust in every transaction and raising the security standard of the financial sector in Brazil and Latin America.

The results speak for themselves:

·        5 million validations per month thanks to the SIM Swap solution.

·       5 million KYC enquiries in six months.

·       15% reduction in costs associated with identity validation.

·       10% improvement in the efficiency of customer analysis processes.

 
With these advances, Itaú reinforces its position as a leader in banking innovation in Latin America and demonstrates that security does not have to be at odds with user experience.