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Financial compliance: the solution for bank fraud


EDI Financeiro

The market continues with its intense revolution towards digitalization with new business models and services to its customers. These changes bring about new forms of fraud and cyber crimes. Digital innovation and shifts in consumer habits are changing the rules of the game. Specifically, Brazil suffers from a fraud attempt every 16.8 seconds, with the telephone sector being the most prominent, according to data from Serasa Experian. Any fraud attempt involves a security breach that has a significant impact on companies and consumer trust.

According to this report, banks and financiers rank third with a 23.9% affectation rate related to cyber fraud. It is precisely in this sector, the financial sector where fraud becomes more delicate and dangerous and banks receive more and more complaints reporting possible fraud involving their cards and accounts. Given the involvement of new economic actors and digital communication channels, this environment also demands new requirements involving the security and integrity of the information handled.

Accessing a bank account through the Internet and more recently through Smartphone applications is a habit that is increasingly common among Brazilians. The vast majority of claims cases come from electronic commerce and Internet banking. These networks are increasingly attractive to cybercriminals, who specialize in stealing bank data to carry out illicit financial transactions. Malicious software can reach any bank’s network, recording every movement and interfering with the bank’s accounting systems and customers’ accounts. According to data from the Brazilian Federation of Banks (Febraban), in 2015 alone, Brazilian banks recorded losses of $1.8 billion in revenue for electronic fraud.

Therefore, today it is essential to take the necessary precautions against cyber fraud in the financial sector. The security and automation of communication with banks is key for new operators and for customers who are increasingly looking for agility and efficiency as well as reliability guarantees. However, cloud platforms, Big Data and mobile banking must comply with the security and confidentiality regulations that this sector requires.

In this new environment, EDI is positioned as a key ally since it is technology capable of exchanging information and confidential data in real time to avoid human errors involving sensitive operations and to guarantee the integrity of data.

Guarantees for data integrity and against fraud control

Financial EDI is an electronic data interchange technology that connects a company’s internal management system with those of the banking entities. As a result, collections, payments, statements and any economic transactions are made without assistance. This avoids human errors as well as the risk of fraud.

When implementing a financial EDI solution, companies must rely on technological suppliers that have international certificates to guarantee security and compliance with industry standards, benefitting users at all times. Among them, EDICOM has the ISAE 3402 accreditation, based on the most important corporate governance regulations in the world: the SOX standard (Sarbanes-Oxley).

The Sarbanes-Oxley Act was created to help combat the growing number of fraud cases in large public companies. The main measures refer to data protection, record keeping and supervision through SOX compliance audits. The monitoring is done by increasing the company’s internal controls and the implementation of preventive measures that guarantee the integrity and precision of its financial reports.

What are the benefits of using financial EDI?

Companies that implement financial EDI are more competitive at an international level and avoid the risk of fraud. The main benefits of this technology are:

  • Increased security in accounts payable and receivable operations. The transactions are processed in safe and reliable systems that automate processes without the need for human intervention.
  • More complete processes and compliance management optimization based on international standards accepted by all banks.
  • Lead time reduction processing accounts payable and receivable. This generates greater productivity.
  • Resources that add value to the company.
  • Economic savings linked to process automation and paper elimination.

How to ensure security with financial transactions?

One of the main goals of the SOX law is to guarantee the security of the exchange of confidential documents. EDI uses data cryptography and in addition, the information is transmitted in a standardized way so that it can integrate seamlessly with any computer system.

With the main objective of ensuring the integrity and confidentiality of all data exchanged, EDICOM has obtained different certifications aimed at ensuring the highest quality of service.

  • ISO 27001 for Security Information
    Information Security Management System, certified by the Spanish Association for Standardization (AENOR) in accordance with the UNE-ISO/IEC standard.
  • ISO 20000 for IT Service Management

Management system for installation services and the provision of the ASP-EDI service.

  • ISAE 3402
    ISAE 3402 homologation in accordance with the requirements established by the American Institute of Public Accountants.
  • Cyber Essentials
    Certification for Information Security against cyber attacks.

These accreditations position EDICOM as a technological partner committed and willing to deliver the highest quality and security to customers who leave their commercial exchanges in the hands of third-party technology. EDICOM has specifically developed an EDI Financial platform aimed at fintech, banks, suppliers and other entities in the sector. It is an integral, multi-standard, scalable and global solution that protects information at all times even while traveling.

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