Latin America · GDP rank #42
Chile
CL · CLP @ 0.0010/USD
A high-banked, card-mature OECD economy where the long-running Transbank acquiring monopoly has been pulled into a four-party model by Ley 21.365 and successive TDLC resolutions. Interchange caps set by the statutory Comité para la Fijación de Límites are now binding (debit 0.30%, credit 0.80%, prepaid 0.50%); the Comisión para el Mercado Financiero (CMF) is licensing the first wave of fintechs under the 2023 Ley Fintec. Cuenta RUT (BancoEstado) gives Chile near-universal account coverage; MACH (BCI) and Mercado Pago lead the wallet race. There is no domestic instant rail at Pix or UPI scale.
Tab 06
Fraud & security
Headline fraud totals and typology splits, the rollout of EMV chip, tokenisation, 3DS and biometrics, and the controlling data-protection and payments statutes.
Annual fraud losses
CLP · 2024
Loss rate
basis points on transaction value · 2024
CNP share of fraud
% · 2024
Fraud typology
Where losses come from
Card-not-present dominates every developed-market fraud profile — counterfeit and lost/stolen have both been mechanically suppressed by EMV and tokenisation over the last decade.
Share of card fraud
- Card-not-present (e-commerce)78%
- Phishing / social engineering14%
- Lost/stolen and cloning8%
Authentication
What's deployed on cards today
EMV is the floor; tokenisation removes PAN from merchant systems; 3DS covers the CNP flow; biometric auth drives device-level wallet transactions. Adoption gaps between markets are the clearest signal of fraud-regime maturity.
EMV chip penetration
% · 2024
Tokenised transactions
% · 2024
3DS coverage · CNP
% · 2024
Ley 21.234 (Ley de Fraudes) requires strong customer authentication on e-commerce above CLP 30,000; below threshold issuer can decide.
Biometric mobile wallet txns
% · 2024
Consumer protection
- Framework
- SERNAC (Servicio Nacional del Consumidor) + CMF for card-specific liability under Ley 21.234
- Max consumer liability
- Zero up to CLP 35 UF (≈US$1,400) per transaction unless gross negligence proven
- Liability rules
- Issuer bears unauthorised-transaction loss unless consumer fraud or gross negligence proven. Ley 21.234 sets a 5-business-day window for issuer reimbursement of disputed charges below CLP 35 UF.
Source · Biblioteca del Congreso Nacional
Security standards
- ▌PCI DSS 4.0 (mandated by CMF Norma de Carácter General 454)
- ▌Ley 21.234 — Limita responsabilidad de usuarios de tarjetas (Fraud Liability Law, 2020)
- ▌Ley 21.719 — Protección de Datos Personales (full enforcement 2026)
- ▌CMF NCG 461 — Ciberseguridad y gestión del riesgo operacional