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CNBV to probe Bansefi's distribution of earthquake-aid cards

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CNBV to probe Bansefi's distribution of earthquake-aid cards

Mexico's financial regulator CNBV will investigate Banco del Ahorro Nacional y Servicios Financieros S.N.C., or Bansefi, for alleged security mistakes when the state-run bank distributed special payment cards for aid to earthquake victims in Chiapas and Oaxaca, according to a column in El Financiero.

Bansefi dispersed money from Mexico's natural disaster rescue fund Fonden to tens of thousand of victims who suffered from the two quakes that battered Mexico in September.

According to the publication, at least 57 of those cards have been criminally cloned, which has meant a loss of around 500,000 Mexican pesos for the disaster fund.

Bansefi has reportedly been criticized for not using computer chips in the cards and thus leaving them vulnerable to theft.

CNBV has therefore sent a list of questions to the state-run bank asking for a "detailed justification for the reason the institution did not use bank cards with an integrated circuit for the operation of the Fonden program," according to the publication.

As of Nov. 28, US$1 was equivalent to 18.59 Mexican pesos.