Innovation in EFT and wire transfers! Dual verification system is coming

As technology advances, methods of fraud and theft are also changing, and the government is preparing to implement new measures to combat digital crimes. The Judicial Reform Strategy Document states that provisions in legislation regarding cybercrime and fraud will be reorganized to ensure effective combat against these crimes.

NEW ERA IN EFT AND WIRE TRANSFERS

According to the report in Türkiye Gazetesi, one of the measures will be in the EFT and wire transfer system. The system is expected to be made more secure. For example, if a confirmation message is received from the bank for a wire transfer, a second verification system will also be used.

Measures to be taken against fraud and theft committed via the internet or telephone are as follows:

The institutional capacity of chief public prosecutor's offices regarding cybercrime and fraud will be developed. Investigation guidelines will be prepared according to crime types, and these guidelines will be kept up to date.

Identity verification will be mandatory for telephone subscriptions to prevent crimes. Subscription records will be updated, and lines with unupdated records will be disconnected from communication.

A technical infrastructure will be established to immediately cancel the subscriptions of those attempting to commit fraud over the phone.

New regulations will be introduced to protect parties in online sales.

Regulations will be made to resolve issues arising from seizure and confiscation in criminal proceedings, especially for fraud and theft crimes committed using banking and information systems. For example, in cases of fraud committed using a bank's name, the other account where the money stolen from the citizen was deposited will be quickly blocked.

Confirmation messages for transactions such as EFT and wire transfers made via mobile applications will be made more secure. For example, if a confirmation message is received from the bank for a wire transfer, a second verification system will also be used.

Measures will be taken to increase the responsibilities of banks and electronic money institutions in order to prevent crimes committed by using information systems as tools for banks or credit institutions and to ensure deterrence.

News Source: 12punto