SMS shield against fraud from the BRSA

Following a significant rise in fraud incidents targeting digital banking users recently, the Banking Regulation and Supervision Agency (BRSA) has taken action. The agency has introduced a new practice to enhance security in mobile and internet banking transactions. As of March 1, some banks have transitioned to a two-factor authentication system for money transfers and EFT transactions. With this system, an SMS approval process will be mandatory for money transfers made to an IBAN.

HOW WILL THE NEW SYSTEM WORK?

With the new regulation implemented by the BRSA, user security in digital banking transactions is being elevated to the highest level. To prevent unauthorized money transfers, particularly those occurring via mobile and internet banking, all transactions will now be confirmed via SMS verification.

Users will authorize transactions not only with their account information but also with SMS codes sent to the mobile phones registered with the bank. This method aims to prevent unauthorized transactions even if account information is obtained by malicious individuals.

TRANSITION TO THE NEW SYSTEM WILL BE GRADUAL

In a statement from the BRSA, it was noted that the transition to the two-factor authentication system will be implemented in phases. While some banks activated the new system as of March 1, other banks are expected to complete the necessary infrastructure work in accordance with the established schedule.

This practice aims to ensure that user transactions are carried out more securely and to largely prevent fraud incidents. The new system will contribute to making banking services more secure.

A SHIELD AGAINST FRAUD RISK

In fraud incidents targeting mobile banking, users can become victims by having their account information stolen by fraudsters. Thanks to the new SMS approval system, the risk will be eliminated because a second approval is required to perform a transaction, even if the information has been compromised. User security will increase significantly with this verification method.

ATTENTION TO THOSE TRANSFERRING VIA IBAN

With the new practice, everyone who transfers money via IBAN needs to pay closer attention to certain security measures. The basic precautions that can be taken against fraud in digital banking transactions are listed as follows:

Use strong passwords: Avoid simple passwords; prefer complex passwords that include special characters.

Check SMS verification: Carefully examine the approval code received for every transaction; do not approve if you did not initiate the transaction.

Contact your bank in suspicious situations: Contact your bank quickly when you notice transactions you do not recognize.

Ensure your device security: Perform your mobile banking transactions only on trusted devices and keep your software up to date.

Use updated applications: Benefit from new security features by using the latest version of banking applications.

A SECURE FUTURE IN DIGITAL BANKING

With the new SMS-verified transaction system, digital banking will now have a more secure structure. This step by the BRSA will play a critical role in the fight against fraud while ensuring that users can benefit from banking services in a more secure and peaceful manner.

It is of great importance that all users who perform transactions via IBAN pay attention to this new practice and act consciously against fraud cases.