The Court’s ruling states that an undertaking must be responsible for the safety of its products.
Banco Santander is to indemnify a company in Belo Horizonte, the capital of Minas Gerais. After a transaction was carried out by the bank’s application without the company’s authorization, the Brazilian courts were set in motion.
Brazil has in fact become one of the target countries for hackers in recent years. In a story published by Livecoins at the end of 2019, it became clear that cyber factions would be targeting the largest South American country.
The banks are then some of the main targets of these cyber factions. By 2020, with the new coronavirus pandemic leading people to transact online, fraud has increased.
The decision was published by the TJMG in recent days and puts pressure on banks to take care of cyber security.
Santander to indemnify Belo Horizonte’s rubber company
So-called computer viruses are old and cause harm wherever they pass through. Just like biological viruses, computer viruses try to reproduce in systems and cause harm to the victims.
One of the best known categories of viruses are the so-called Trojan horses. Just like the horse created by the Greeks to deceive the Trojans, these viruses pass through legitimate software. In other words, when a victim downloads a program and executes it, the problem begins.
And the Santander bank in Brazil must compensate a company for a Trojan horse. In the first instance, the TJMG had given a favourable opinion for Santander to return to the company the sum of R$80,000.
However, the Santander bank appealed against the decision in the second instance of the court. The bank claimed that it was not guilty of the company’s failure and did not agree with the compensation.
According to the ruling of the 2nd Instance of the Bitcoin Rush Review, the understanding is that Banco Santander is guilty of the failure.
„- It is the financial institution’s obligation to offer security to operations carried out through its official website, being responsible, objectively, for the damage caused to its account holders by the services provided.
– Having found that the client did not make, request or authorize the transfer of amounts from his current account, and proving that it was invaded by a fraudster, the bank’s duty to indemnify the damages caused arises“, quotes the decision of the mining court
If you put even more pressure on Brazilian banks by ensuring secure online services
The process lost by Santander puts even more pressure on the Brazilian banking system. In addition to the high competition, driven by PIX, for example, banks will still have to ensure secure digital access for customers.
This is because, especially with the VIDEO-19 pandemic, more people are trading on the Internet today. In other words, the growth of digital money is a reality in Brazil and fraudsters seek to create sophisticated scams.
According to a Febraban live recorded last Friday (30), there is a huge growth of cyber crime in Brazil today. Adriano Volpini, Director of Security at Itaú Unibanco, Erik Siqueira, Federal Police officer and Aldo Albuquerque, VP of Customer Delivery at Tempest Security Intelligence, took part in the live.
In the opinion of the analysts, people should take care with the access to online platforms. However, according to TJMG’s decision against Santander, banks should also guarantee secure platforms.
Experts believe that it is essential to educate the Brazilian population about digital payments. Thus, the best prevention against cyber crimes related to digital payments today would be education, experts say.