Chile Financial Market Commission allows certain customers to keep using coordinates cards under reinforced authentication rules

The Chile Financial Market Commission has amended its reinforced customer authentication regime to let specified existing customers continue using printed-data authentication tools such as coordinates cards when they face barriers to adopting stronger methods. The change is intended to support the transition to Reinforced Customer Authentication and avoid affected customers losing access to digital financial transactions when the current requirements apply on August 1, 2026. Eligible groups are customers who are active when the amendment takes effect and meet defined criteria, including being a senior citizen, having a health condition or disability, having difficulty accessing in-person service channels, or lacking a compatible trusted device such as a smartphone. Institutions that choose to maintain coordinates cards for these groups must notify the CMF by August 1, 2026. Transactions authenticated with coordinates cards will not be treated as Reinforced Customer Authentication, so issuers will bear greater risk in cases of unfamiliar transactions. The amendment also exempts electronic fund transfers between accounts held by the same customer at the same financial institution from reinforced authentication and clarifies that recurring payments require reinforced authentication only when the customer first gives the instruction.