Mexico central bank says hackers siphoned $15 million from five companies via @Reuters

05/16/2018 Reuters

technology-785742_960_720Mexico’s central bank said on Wednesday that a cyber attack had sucked around 300 million pesos ($15.33 million) in fraudulent transfers from five companies, but it was unclear how much thieves had managed to pull out in cash.

Bank of Mexico Governor Alejandro Diaz de Leon said authorities were still deciphering how the cyber criminals, who were detected in late April, had tapped into banks’ connections to the payment system to send false orders.

He declined to identify the companies that had been hit, only saying that three banks, a broker and a credit union had seen fake transfers.

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Mexico central bank to create cyber security unit after hack via @reuters

05/15/2018 Reuters

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MEXICO CITY (Reuters) – Mexico’s central bank said on Tuesday that it was creating a cyber security unit, following a hack on a domestic payments system at the end of April that affected Mexican banks.

The central bank said in a notice in the government’s daily gazette that the new unit would design and issue guidelines on information security for the country’s banks, which are supervised by the central bank.

Central bank Governor Alejandro Diaz de Leon said on Monday that the country had seen an unprecedented attack on payment system connections and that he hoped that measures being taken would stop future incidents.

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Mexico’s banking system misplaces $18M to $20M in transfers via @washingtonpost

05/14/2018 The Washington Post

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MEXICO CITY — Mexico’s banking system has somehow misplaced between $18 million and $20 million in electronic transfers between banks, authorities said Monday, the latest in a series of embarrassing breakdowns that have affected debit card purchases and e-payments across the country.

Mexico’s central bank and regulatory agencies said they are not sure whether the problem with settlement transactions among banks was the work of outside hackers, an inside scam or errors.

But in a country where phishing emails and freelance debt collectors often use banks’ logos and letterheads, it is no secret that bank security standards are lax.

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Mexican Fintech: The Future Of Financial Technology In Mexico

05/05/2018 Forbes

fintechOn this day renowned for marking Cinco de Mayo, let us also celebrate Mexico’s achievements in the fintech industry. Although Mexican banks were forced to move to alternative networks after hackers attempted to attack their real-time payments network this week, the country has made some significant moves in the financial technology industry of late.

March 2018 saw Mexico’s lower house of Congress approve a bill to regulate fintech in the country, promote financial stability and in turn, put a stop to money laundering. The bill was approved by the Mexican Senate at the end of 2017, but is awaiting President Enrique Pena Nieto’s signature.

According to Reuters, the law will provide assurance and better awareness when it comes to crowdfunding and the rules around cryptocurrencies, like bitcoin. It also permits open banks and sharing of data by financial institutions through public application programming interfaces, more commonly known as APIs.

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America Movil still wants TV license in Mexico, CEO says

04/25/2018 Reuters

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MEXICO CITY (Reuters) – America Movil (AMXL.MX) remains interested in offering television in Mexico and continues discussing the possibility of obtaining a license with the telecommunications regulator, Chief Executive Daniel Hajj said on a call with analysts on Wednesday.

America Movil, which is controlled by the family of Mexican billionaire Carlos Slim, has been barred from offering television in Mexico since Telmex’s privatization in the early 1990s. Mexico’s telecommunications regulator, the Federal Telecommunications Institute (IFT), has said that the company will be eligible to apply for a TV license once it complies with the measures it is subject to due to its high market share in the country.

The TV license could help America Movil better compete as companies increasingly seek to offer their customers voice, data and video in one package.

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Voom expects Mexico City chopper taxi service app to take off

04/24/2018 Reuters

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MEXICO CITY (Reuters) – Helicopter booking app Voom expects its new Mexico City operations to capitalize on some of the worst traffic in the world to eclipse the growth it has seen in Brazil, the company’s chief executive said.

Voom, a subsidiary of France’s Airbus, launched in March in the Mexican capital and after setting up last year in Sao Paulo, the second most populous city in the Americas behind the Mexican capital.

In one year, Voom has flown more than 4,000 people and the company expects to surpass that during their first year of operations in Mexico, Voom Chief Executive Uma Subramanian said in an interview with Reuters on Monday.

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Mexico’s Small Businesses Ask Tycoon Carlos Slim To Explain Benefit Of A New $13 Billion Airport

04/23/2018 Forbes

carlos slimMexico’s small and medium entrepreneurs called on billionaire Carlos Slim Helú, among others, to explain how a proposed $13 billion new airport project for Mexico City would benefit them. Alejandro Salcedo Pacheco, President of the Latin American Association of Micro, Small and Medium Businessmen, asked for a non-partisan joint review of the controversial project, Mexican press reported.

Salcedo Pacheco–who leads an organization that claims to have over 4 million affiliates–said that the airport, “like many other large projects built under the current administration, is an example of the corruption that prevails in the federal government and the conflict of interest incurred by big businessmen.”

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