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

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

Authorities at Mexico’s central bank and government agencies say they are not sure whether the problem with settlement transactions among banks was the work of outside hackers, insiders 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.

Mario Di Costanzo heads the government commission to protect financial customers. He said Monday banks have to do more “to protect their own identities.”

Depositors won’t be affected, but the banks themselves could take a hit on the missing money.