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Did you know that banks may now send you authentication codes via SMS? A modification to the law in Mexico will ensure this method is applied to specific banking transactions. Here, we tell you which transactions will require this verification message and how this new security system will work.
Account holders in Mexico may encounter a new security mechanism for performing certain financial operations: receiving an authentication code via an SMS message on their cell phone.
The measure stems from a modification published in the Official Gazette of the Federation (DOF), which allows one of the authentication factors to be sent via text message.
The main change consists of the way in which a person's identity is verified; now, the registered cell phone number will be the medium for receiving SMS messages, as this is now a permitted method for sending category 3 authentication factors.
In simple terms, when a transaction requires this additional level of security, the user may receive a temporary code on their cell phone and subsequently enter it so that the banking institution can verify that the person performing the operation is truly the client.
Which operations may require the SMS code?
The regulation allows technology-based commission agents to offer certain financial services within their platforms. Operations covered include:
- Apertura de cuentas de nivel 2 y transferencias asociadas
- Otorgamiento de créditos por montos de hasta 3,000 UDIs
- Pagos de bienes y servicios
- Consultas de saldos y movimientos de productos financieros contratados mediante estos comisionistas.
Therefore, the SMS code may be part of the authentication process when the user performs operations that require a Category 3 Authentication Factor.
Will they also ask for an SMS code to check my balance?
Not necessarily. For these inquiries, institutions may only require the Category 2 Authentication Factor, without the need to additionally request the category 3 factor.
This means that checking your available balance or reviewing your transactions might have a different authentication process than an operation that involves disposing of funds.
What is a Category 2 and Category 3 Authentication Factor?
According to the DOF, the Category 2 Authentication Factor is related to information known only to the user, which must be entered via an access device, such as a password or a PIN.
The Category 3 Authentication Factor, on the other hand, consists of information contained or generated by electronic means or devices, as well as information obtained from devices that generate one-time dynamic passwords.
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