New regulation from the BRSA: Money transfers will become even more difficult

The Banking Regulation and Supervision Agency (BRSA) has introduced a notable regulation regarding nighttime hours in order to make banking transactions more secure. The new practice will particularly affect citizens who do not have a chip-enabled ID card or NFC (contactless verification) capability.

For money transfers made between 22:00 and 06:00, users will be required to use a chip-enabled ID card and have the NFC feature active on their phones to complete the transaction. Individuals who do not meet these requirements will be unable to perform digital banking transactions.

NEW LIMITATIONS ON DIGITAL BANKING TRANSACTIONS

The new regulation aims to ensure that money transfers made during nighttime hours are conducted in a more secure and controlled manner. Strict oversight will be applied to transactions made during these hours. Significant restrictions will be imposed, especially for citizens who carry old-style ID cards or do not have NFC capability.

SECURITY FOR THOSE PERFORMING TRANSACTIONS IS BEING INCREASED

In response to the increasing risks of fraud during nighttime hours, the BRSA deemed it appropriate to take such a measure to enhance security. The new system is expected to increase the security of digital banking. 

News Source: 12punto