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Citibanamex

Facebook and Citibanamex to Educate Mexicans about Online Frauds

Citibank’s Mexican subsidiary Banamex Financial Group (Citibanamex) has teamed up with Facebook to educate millions of Mexicans about how to do safe transactions online and detect fraudulent behavior.

Mexicans owning an account on Instagram, another Facebook subsidiary just like WhatsApp, can also make use of the service. Considering reports from local media outlets,  around 20 million Mexicans can benefit from the program.

The training program will take place on Facebook pages through a virtual assistant, known as a “guide”.

Mexico has seen a sudden surge in e-commerce since April 2020 following the outbreak of the coronavirus pandemic. Online sales increased by a staggering 80% last year, reaching 360 billion pesos (US$17 billion) in value.  According to the Mexican Association for Online Sales (AMVO), today e-commerce accounts for around 10% of all sales in the country.

Facebook has invested millions of dollars in preventing fraudulent activities on its own social media platforms, with its officials claiming to have deleted millions of fake accounts in the past few months.

Even Citibanamex has reduced online payment frauds by 75% since 2015, according to Forbes Mexico.

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Eusebio Sánchez, vice president of Cybersecurity at Citibanamex, told the news outlet that most cybercriminals in the country use emails or messages to steal sensitive information.

“If we can educate and help them question or detect this deceptive intention, we could reduce fraud by almost 90%,” Sánchez said.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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