Brazil: Regulator moves against Bradesco for anti-competitive practices

Bradesco would have affected the activities of GuíaBolso by using a second authentication layer for its clients to access their accounts. The security method used, with passwords that last only a few seconds, would have prevented users of the bank from using said application, the accusation states.

The situation is considered a restriction to free competition according to CADE; It went on to investigate the case in July 2018. At the time, after the investigation and considering the information required by Bradesco to offer the financial control services that the application handles, CADE suggested that the bank had acted to restrict the Financial services or ‘Fintech’ market.

Bradesco has responded they have not been notified of the process, but sought to clarify all doubts raised by CADE. “The bank clarifies that it supports and encourages free competition and does not engage in anti-competitive behavior …”

Full Content: Tecno Blog

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