Attention those with old ID cards: New security requirement from the BRSA for nighttime money transfers

The Banking Regulation and Supervision Agency (BRSA) has implemented a new practice to increase the security of digital banking transactions. The identity verification process has changed for money transfers exceeding 20,000 TL between 22:00 and 06:00. To complete their transactions, users are now required to provide authorization using both their new chip-enabled ID card and a smartphone with NFC capability.

This practice, which aims to prevent the increase in fraud cases during nighttime hours in recent years, will apply to transactions made via banks' mobile and internet branches. For high-amount transfer requests made within the specified time interval, the transaction will be suspended if users do not verify their identity via NFC.

THE IMPORTANCE OF CHIP-ENABLED IDS IS INCREASING

Although the use of chip-enabled ID cards began nationwide in 2016, millions of citizens continue to use their old-style ID cards. However, with the new regulation, a chip-enabled ID card requirement has been introduced, especially for those who want to perform banking transactions at night. Citizens with old ID cards will not be able to complete the approval process for transactions above the relevant limit during nighttime hours.

On the other hand, users of smartphones without NFC capability will have to conduct a video call with a customer representative if they wish to perform such transactions. In cases where identity verification cannot be performed via NFC, banks will offer alternative methods for security purposes.

It is stated that within the scope of the regulation, the time interval of the application may be expanded in the future to cover more time periods. To avoid any restrictions, users should both obtain their chip-enabled ID cards and ensure that their devices have the necessary technologies.

With this new measure, while identity security in digital banking is being taken to the highest level, a warning has been issued to renew IDs and devices so that users do not experience any grievances.

News Source: 12punto