Nubank (NYSE:NU), which claims to be one of the largest digital financial services platforms in the world, reaches the milestone of 1.5 million users of “Modo Rua,” a security feature that allows users to set a maximum total value for transactions via Pix, TED, or boleto when they are not at home or in a predetermined secure environment.
The tool, which had over 750,000 activations “during the Carnival month of 2023, is also more popular among Nubank customers aged 25 to 44.”
With the approach of Carnaval this year, the feature “becomes one more practical mechanism to ensure even more protection.”
To activate it, users simply need to select “Modo Rua” in the app’s security menu and follow the prompts on the screen.
The customer will select trusted Wi-Fi networks (such as home or work, for example) and set a limit for transactions “when connected to other networks.”
Whenever the customer disconnects from one of the trusted Wi-Fi networks, the app automatically restricts “the value of transactions that exceed the pre-established limit.”
If it is necessary to “make transactions above the set limit, the customer can perform a real-time facial recognition to verify their identity and authorize the transaction in the app.”
In addition to “Modo Rua” Nubank also “offers other important security features for revelers in 2024:”
Me Roubaram: an exclusive website for Nubank customers that “allows them to quickly and securely block their mobile and cards in case of theft.”
Pack de Proteção: package that combines resources “capable of identifying unauthorized transactions and possible scams while using the Nubank app.”
It also protects the customer through “an artificial intelligence system that extracts data patterns indicating atypical behavior for user profiles, blocking operations that deviate from the patterns.”
There is also a Security portal “with compiled tips, videos, and content like SOS Nu for prevention and education about scams.”
In another update, it was noted that since joining Open Finance, Nubank, one of the world’s largest digital financial services platforms, has been “introducing new features and advancements in its solutions to simplify and ensure a positive impact on its customers’ financial lives.”
The institution closed 2023 with “the highest number of external data consents in Open Finance, reaching a milestone of 13 million active consents, which represents over 30% of the total market and more than double that of the second-place participant.”
Luciana Kairalla, General Manager of Open Finance at Nubank, said:
“Nubank has been actively involved in the development of Open Finance, which is celebrating its three-year anniversary this February. This is an important tool to support our customers, as it provides freedom of choice and aggregates various products and layers of services in a single environment.”
With a focus on providing greater control and better efficiency “in account management, Nubank currently offers customers an overdraft alert feature.”
It notifies those who have “enabled the function when any of their accounts, even in other financial institutions, enter overdraft.”
Through this experience, individuals can choose “to regularize their negative balance and avoid or reduce fees. In 10 months, this tool has allowed customers to save R$ 6.44 million in interest by reducing the duration of negative balances.”