Latin America · GDP rank #12
Mexico
MX · MXN @ 0.0575/USD
A two-speed payments economy: SPEI handled more than 7.3 billion interbank transactions in 2025 and is on track to overtake card volume by 2026, while CoDi has been allowed to wind down in favour of DiMo's phone-alias overlay. Remittance inflows from the United States stayed the world's largest by absolute value but fell 4.6% in 2025 — the steepest annual decline in 16 years. The fintech sector regulated under the 2018 Ley Fintech has become the region's most active deposit-competition battleground after Brazil.
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
MXN · 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)81%
- Lost/stolen and cloning12%
- Account takeover7%
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
Mandatory 3DS on cross-border issuing since 2022; domestic still patchy on small-merchant acquiring.
Biometric mobile wallet txns
% · 2024
Consumer protection
- Framework
- CONDUSEF — Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros
- Max consumer liability
- Zero where reported within 48 hours; up to MX$5,300 for delayed notification
- Liability rules
- Consumer liability is zero for unauthorised transactions reported within 48 hours of notification; banks bear loss and must resolve reclamaciones within 45 business days. Chargeback success rates in 2024 averaged 72%.
Source · CONDUSEF
Security standards
- ▌PCI DSS 4.0 (enforcement escalated by Banxico Circular 7/2024)
- ▌CNBV Disposiciones de Carácter General en Materia de Tecnologías de la Información (2024 update)
- ▌LFPDPPP privacy law (2010, with 2024 CNBV-specific data-protection guidance)
- ▌Banxico-mandated confirmación de beneficiario on SPEI transfers above MX$50,000 (effective 2024)