With so many banks and fintechs, competition in the banking market is very high and the dispute is not just about fees or benefits: with the increase in scams and digital thefts, security is an increasingly considered factor when choosing where to leave the money. Amidst several criticisms for fraud and complaints, the C6 Bank disclosed the protection resources used by the bank.
C6 Bank has a history of fraud and complaints
C6 Bank has been through a storm in recent months, which is why fintech security is questioned by several people. Due to fraud, the bank suffered a blow that embezzled R$ 23 million by a loophole in the investment system.
The bank also had scams applied by employees of outsourced companies, who made a scheme of crack with C6 Bank customers. The financial institution had more than R$ 50 million diverted.
In addition to problems with scams, the C6 Bank leads the Central Bank complaints ranking. Fintech customers also reported delay in releasing the money after having the account closed by the institution without prior notice.
C6 Bank’s security issues also extend beyond banking systems: the fintech recently had its Twitter profile hacked. The name and profile picture were changed on the social network, and the attacker published several tweets about an alleged NFT platform.
C6 Bank’s security features
C6 Bank has listed a number of security features, but several can be found at other banks — including a prevention tips booklet.
Among the informed solutions, C6 Bank promises the Instant smartphone and card lock by the call center. In case of loss or theft, just call the bank, enter your CPF and password and activate a related option. Blocking is done automatically, even before the call is transferred to a human attendant.
“Safe Places” protects investments away from home
One of the features highlighted by C6 Bank is the Safe Locations. The function was launched in August, and allows the customer to choose the geographic places that investments can be displayed in the app. When moving away from certain areas, the wallet appears zero and is unable to make transactions. You can register as many locations as you want, but you must wait a three-day window for bank validation.
The functionality resembles the newly released Nubank Street Mode, which limits banking transactions to Wi-Fi networks deemed safe by the user. However, the C6 Bank feature only refers to investments and does not limit current account value transactions, for example.
Use of biometrics to hinder unauthorized access
C6 Bank provides three uses for the use of facial biometrics: it serves to open an account, activate a new smartphone for authorization of transactions. In the first case, the bank compares the recognition of the application with the photo of the scanned document, allowing to check if the new customer is himself.
Biometrics is also required by C6 Bank in smartphone exchange. When accessing for the first time on a new device, the account holder must go through the secure device activation process. In addition to entering the password, facial recognition is required to release the token installation, which is automatically disabled on the previous device.
Biometrics for financial transactions can be requested when making Pix, TEDs, TEFs or payments of values. If the system identifies a person other than the account owner, the application is permanently disabled on that smartphone — useful when the device is stolen, for example.
The bad thing is that the bank doesn’t allow you to control when facial biometrics for transactions should be requested — I would like them to be in all transactions, for example. According to C6 Bank, this layer of protection is activated “according to rules pre-established by the bank, which brings together a series of variables”.
Pix limit change
C6 Bank also highlights its Pix limit manager: the user can determine the maximum amount for instant transactions, but the change is only applied by the bank after 24 hours. On Fridays, Saturdays or the eve of public holidays, it is necessary to wait for the next business day.
However, this feature is not a differentiator of the C6 Bank. This is a requirement of the Central Bank, and all financial institutions in Brazil must have a similar role.
Card management through the app
The bank also considers its application functions as security items. C6 Bank emphasizes the possibility of blocking the credit card through the app itself, which can speed up action in case of loss or theft of plastic.
C6 Bank also highlights the virtual card functionality to make online purchases more securely, as the verification code is periodically updated.