New measure from the BRSA against credit card fraud! Restrictions introduced...
The BRSA has taken a new security measure for credit card transactions in response to the rise in fraud cases. This regulation aims to increase security in banking transactions.
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In Turkey, the decrease in cash usage alongside rising inflation has led to an increase in card-based spending, prompting fraudsters to focus on this area. Following a rise in fraud incidents carried out via mobile and internet banking, the Banking Regulation and Supervision Agency (BRSA) has taken new measures against this situation.
Fraudsters, taking advantage of banks increasing credit card limits due to inflation, often take action during nighttime hours. When transactions made while users are asleep are discovered in the morning, it is often too late.
The BRSA has sent a new directive to banks to prevent such fraud. Accordingly, a time restriction has been introduced for cash withdrawal transactions from credit cards between 22:00 and 06:00. Users who wish to perform a cash advance transaction during these hours will be required to provide physical verification using their chip-enabled ID cards. The transaction can only be carried out via phones with NFC capability. Users with phones that do not have NFC or those without a chip-enabled ID card will not be able to make cash withdrawals outside of the specified hours.