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The information that is still relevant will no longer be enough, Magyar Nemzeti Bank said on Wednesday.
As of January 1, 2021, the information that is currently sufficient to initiate a transaction will not be sufficient for card payments on web interfaces, strong customer authentication will be required, said the head of department of Magyar Nemzeti Bank ( MNB) for protection against attempted fraud against bank customers. Online press conference Wednesday on the possibilities.
The MNB has set a September 14 deadline for credit institutions and web shops in Hungary. The development has been implemented in national banks and information to customers about changes in electronic card payments for online purchases will soon begin. Miklós Luspay He added that the MNB would like the new solution to appear in more and more places for Christmas shopping.
Referring to statistics from the European Central Bank, Luspay said that Hungary is the third safest country in the European Union, there is very little misuse of electronic payments and the banking sector is sufficiently prepared to prevent fraud. Most scams occur with card purchases online.
He mentioned that banks had to establish a fraud monitoring system, previously there was no such requirement. The consumer side was also strengthened by payment regulations; if a customer is harmed, the bank must prove that the customer has committed fraud or gross negligence.
Notification rules have also changed and credit institutions are required to report all cases of fraud or fraud. In addition to the MNB, these cases are also monitored by European banking supervision organizations. If a new method of fraud arises in a Member State, Hungary will also be informed so that the banking sector can prepare.
Birri gabriella, explained the head of the MNB department: according to reports received by the central bank’s customer service in 2019-2020, online bank card fraud is the most common, the second is account change fraud and the third It is phishing and SIM swapping attack.
In the case of account change fraud, the selected person is believed to have changed their business partner’s account number and is asked to refer to a new account number. In this case, the head of the department says that it is worth calling the official contact person and checking if there really have been any changes.
Phishers often try to obtain the victim’s bank details through a fake website; if successful, the scammers will transfer the money from the account to other accounts or withdraw it in cash. This method can be filtered, among other things, by double checking the sender and web address. If the victim experiences a transfer from their account and needs to be notified to the bank immediately, there may still be a good chance of getting the money back.
In a SIM swap attack, the customer believes that he is entering into a contract and provides his personal information. With these, the fraudster requires a new SIM card from the telecommunications service provider and then performs banking transactions with the new card. If the customer’s SIM card becomes unusable, you should notify your bank as soon as possible. Successful fraud always requires the victim’s data, so caution is especially important when providing the data, the department head said.
Gabler gergely, the Central Bank IT Supervisory Director spoke about the development of banking information security and fraud prevention systems in Hungary, but also about customer awareness to prevent abuse. He noted: The number of fraud in Hungary is extremely low, the MNB and the associated authorities work together to filter such cases. He stressed, however, that to avoid attacks on customers it is essential that those involved are aware of the importance of defending.
Featured image: Balázs Ivándi-Szabó / 24.hu
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