A two-factor authentication system to prevent unauthorized access to users’ accounts and unnoticed money transfers will start on March 1st. An SMS will be sent for the process.

The Banking Regulation and Supervision Agency (BRSA) requested the implementation of a two-factor authentication system to strengthen the security systems of banks, starting on March 1st.

From now on, an additional SMS approval will be required for money transfers. According to the new system, even if done with a registered phone, an SMS verification will be requested. Some banks will implement the two-step authentication system as of March 1st.

Previously, money transfers in IBAN and EFT transactions were carried out through registered phones. Following the determination that this system led to a series of fraudulent transactions, a two-factor authentication system will now be used. With the new regulation:

– Money transfers will now require an additional SMS confirmation.
– Even if entry is made from registered phones, extra verification will be needed for Wire Transfers and EFTs.
– Even if access to the account is obtained from a third device, money transfers will be blocked.