Introduction to Buen Fin and its Impact on Technology and Security
Buen Fin, a significant annual shopping event in Mexico, not only drives sales and online commercial activity but also presents one of the most rigorous tests for the country’s technological systems and financial security measures. During this period, artificial intelligence (AI) has emerged as a crucial element in ensuring secure and reliable operations for both consumers and businesses, as well as financial institutions.
Increased Fraud Attempts During Buen Fin
As the shopping event approaches, attempts at fraud in e-commerce surge considerably. Koin, a specialized firm in payment and anti-fraud solutions, reports that the primary types of fraud include identity theft, use of stolen cards, creation of false accounts, and fraudulent returns or refunds. Additionally, there is the “friendly fraud,” where a buyer disputes a legitimate purchase to obtain money back.
AI’s Role in Combating Fraud During Buen Fin 2024
During “El Buen Fin 2024,” Koin processed over 200,000 transactions with a 97.5% approval rate and only 0.06% fraud rate, according to the company. These results reflect the direct impact of AI and behavioral analysis in anticipating risk patterns and protecting sales in real-time.
Dieter Spangenberg, Director of Fraud at Koin: “Technology is the heart of modern fraud prevention. We apply AI and machine learning to analyze thousands of variables per transaction in milliseconds, detect risk patterns unidentifiable manually, and balance security with user experience. The key is not to halt sales but to approve more good customers with less risk.”
AI behavioral solutions operate in real-time, learning from user behavior to anticipate anomalies before they turn into attacks. This contributes to reducing operational losses and maintaining a seamless experience for legitimate buyers.
Technological Challenges in Banking During Buen Fin
The surge in transaction volume during Buen Fin also poses a challenge for the banking sector. According to Qaracter México, a business consultancy specializing in the financial sector, “bank transactions can multiply up to three times” during this period, requiring financial institutions to operate with maximum technological resilience and high availability protocols.
Julio César Martínez Castro, Director of Technology and Digital Transformation at Qaracter México: “Buen Fin, December, or year-end are periods of maximum demand for the banking sector. Every year, I see the same pattern: explosive demand, maximum expectations, and zero tolerance for interruptions.”
Martínez Castro explains that each digital operation involves interconnected processes such as authorization, anti-fraud monitoring, reconciliation, settlement, and data backup that must execute simultaneously. He emphasizes that a single failure in any component can affect the entire operation and highlights that Buen Fin performance depends on three key factors: system resilience, continuous availability, and infrastructure security.
Moreover, Martínez Castro notes that AI generative applications are already being used to optimize functions within the financial sector, from risk assessment to customer service.
Key Questions and Answers
- What is Buen Fin? Buen Fin is an annual shopping event in Mexico that significantly boosts sales and online commercial activity, while also testing the country’s technological systems and financial security measures.
- How does AI help during Buen Fin? AI, through behavioral analysis and machine learning, anticipates risk patterns in real-time, ensuring secure transactions for both consumers and businesses while maintaining a seamless user experience.
- What challenges does the banking sector face during Buen Fin? The surge in transaction volume puts pressure on banks to maintain maximum technological resilience, high availability protocols, and ensure the smooth execution of interconnected processes to avoid operational disruptions.
- How is AI being applied in the banking sector? AI generative applications are used to optimize various functions within the financial sector, including risk assessment and customer service.
