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 required for the process.

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

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

Previously, money transfers through registered phones were possible in IBAN and EFT transactions. Following the discovery that this system led to a series of fraudulent activities, a two-factor authentication system will now be utilized. With the new regulations:

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