A new era in the banking system has officially begun: It has become mandatory for all banks

Taking a new step against digital fraud, the BRSA has launched a 'two-factor authentication' system for wire transfers and EFT transactions. The practice, which began today at some banks, will provide additional security via SMS confirmation and will gradually become mandatory for all banks.

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A new era in the banking system has officially begun: It has become mandatory for all banks

The recent rise in fraud incidents in digital banking transactions has led banks to take additional security measures. The Banking Regulation and Supervision Agency (BRSA) has implemented a two-factor authentication system for wire transfers and EFT transactions to increase security in money transfers.

ADDITIONAL SECURITY WITH SMS CONFIRMATION

Within the scope of the system, which began to be implemented by some banks as of today, transactions cannot be performed without the user's approval during money transfers. Even if a login is made from devices defined in mobile banking applications, an additional verification code will need to be entered via SMS for money transfer transactions.

IT WILL BECOME MANDATORY FOR ALL BANKS

This practice, which creates an additional security layer for wire transfers and EFT transactions, will be implemented gradually in all banks. The goal is to minimize digital fraud attempts and make users' accounts more secure.

The new system will prevent fraudsters from gaining unauthorized access and performing money transfers via a third-party device. It is stated that the regulation, which is expected to raise security standards in the banking sector, will enable users to carry out their financial transactions in a more secure environment.

News Source: 12punto