The Colombian financial system entered into a profound transformation with the launch of Bre-B, the interoperable immediate payment system that changed the way citizens make transfers and payments.
The international experience, especially the case of Brazil with the implementation of Pix, generated concern in the sector, since, After the arrival of this system, fraud grew by 56%, a precedent that experts consider inevitable for Colombia if solid preventive measures are not adopted.
In this regard, the technical vice president of the Association of Banking and Financial Entities of Colombia (Asobancaria), Alejandro Vera, warned about the risk that accompanies the accelerated digitalization of the payment system.
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During the 23rd Risk Congress of the union, the expert stated that “It is evident that Colombia will experience a similar increase in financial crimes once Bre-B is fully deployed.”
This, when referring to the impact that Pix had in Brazil. The concern is that the ease and speed of transactions, along with interoperability between entities, can facilitate new opportunities for cybercriminals if sectoral controls and cooperation are not strengthened.
And the Colombian financial sector has registered notable growth in the digitalization of its operations. According to Vera, “82% of the system’s operations are already carried out through digital channels, while in 2019 the figure was 68%.”
This advance, although positive in terms of efficiency and access, also increases exposure to financial fraud risks, as demonstrated by the Brazilian case, where incidents grew by more than 50% after the implementation of Pix. Currently, there are 93 million keys registered for 33 million people, which reflects the magnitude of the digital ecosystem that is being consolidated in the country.
The investment in cybersecurity and fraud prevention is considerable. Banks allocate $1.7 billion annually to these tasks, a figure that demonstrates the priority that the sector gives to the protection of users and the integrity of the system. In addition, the total portfolio reached $784 billion in September, and the sector disbursed additional resources of $55 billion to boost economic recovery, in compliance with the commitment made in the Credit Pact.
The solvency indicator of the banking sector stands at 17%, well above the regulatory minimum, which demonstrates a robust capital structure aligned with international standards.
Nevertheless, The fiscal outlook presents challenges, with a deficit projected at 6.7% by 2025, compared to the 2.5% recorded in 2019.
Faced with the risks implied by the arrival of Bre-B, Asobancaria called to accelerate the construction of security protocols and standards that involve all actors in the ecosystem: authorities, financial entities, fintechthe Prosecutor’s Office and telecommunications operators.
The objective is clear: create a fraud data centralizer that allows information to be consolidated, generate early alerts and facilitate the exchange of data between sectors.
Vera emphasized the need for reinforce credit responsibility and promote good payment habits, which is why he recalled that “Colombians pay well.” In addition, he highlighted the importance of advancing a rebanking law and questioned “populist” proposals, such as the clean slate, considering that they deteriorate the payment culture.
Likewise, the deputy superintendent for Risks of the Financial Superintendency, Guillermo Sinisterra, insisted on the urgency of strengthening prevention. He pointed out that operational risk already shows an accelerated increase, especially in fraud through non-face-to-face channels and cases of social engineering.
He also highlighted the importance of strengthening digital monitoring and adopting preventive measures before Bre-B drives a greater volume of immediate transactions.
Looking ahead to 2026, the financial sector faces additional challenges. Political uncertainty, marked by the presence of more than a hundred presidential candidates, adds pressure to an already challenging environment. Alejandro Vera identified as priorities strengthening the responsible use of financial products, especially credit, and advancing rebanking, with the reincorporation of those who are outside the system due to previous non-compliance.
“The payment culture and credit history are the most important assets for citizens,” He highlighted, and recalled that banks have tools such as debt adjustments to support clients and avoid late payments.
The design of financial products adapted to the profiles of the excluded and the support of the entities will be essential to reincorporate these users, added the technical vice president of Asobancaria.
As you may remember, Bre-B, developed by the Banco de la República, allows instant, free transfers available 24 hours a day, 365 days a year, between different financial entities, digital wallets and businesses. The system uses “keys” such as cell phone number, email, ID or an alphanumeric code, which eliminates the need to share account numbers and simplifies transactions.
Interoperability ensures that users can send and receive money regardless of the entity, while security standards seek to reduce the risk of fraud and cyberattacks.
To use Bre-B, Users must register their keys through the digital channels of their financial institution and associate them with their account, which will allow them to make immediate and secure transfers.
