End to money transfers from public banks to gambling sites! It will also affect credit scores

Millions of customers of public banks encountered an unexpected change when they logged into their mobile banking applications this morning. Money transfer transactions to gambling and betting sites can no longer be carried out through public banks. This step was taken in accordance with the action plan implemented as part of the fight against illegal betting and gambling in the digital environment.

THE GAMBLING TAB HAS BEEN COMPLETELY REMOVED

As part of this step taken to prevent risks in the financial system, the “Gambling” tab in the mobile applications of public banks has been completely removed. Previously, customers could easily transfer unlimited amounts of money to the gaming site of their choice through this section. However, with the new practice, this possibility has come to an end.

NO CHANGE IN PRACTICE AT PRIVATE BANKS

On the other hand, there is no change yet in money transfers made to gambling sites through private banks. Users pay a transaction fee of approximately 15.75 liras to transfer money to these sites via private banks. In contrast, it is observed that higher fees are charged for regular money transfers between individuals.

CREDIT SCORE WARNING

Furthermore, it is pointed out that the credit scores of those who send money to gambling sites through banks are at risk. It is emphasized that credit institutions may examine such transactions under the scope of “reasonable suspicion,” and as a result, the probability of a drop in credit scores or negative responses to loan applications may increase.

YEŞİLAY REPORT REVEALS STRIKING DATA

According to a report prepared by Yeşilay, the annual economic impact of gambling in Turkey is estimated to be around 40 billion dollars. In addition, the rate of those applying to Yeşilay Counseling Centers (YEDAM) due to gambling addiction has reached 34 percent. According to YEDAM data, while the average age for individuals to start gambling is 21.4, it was reported that 65 percent of their first preferences are sports betting. The majority of applicants consist of those with a high school education level or higher.

WILL PRIVATE BANKS ALSO TAKE ACTION?

With this new regulation put into practice, public banks have moved to take stricter measures against illegal betting and gambling attempts in the financial system. Following this step by public banks, whether private banks will take similar measures is a matter of curiosity.

News Source: 12punto