Starting Today: Enhanced Security for Money Transfers in Turkey

As of March 1, 2025, Turkish banks have implemented a dual verification system for money transfers (Havale) and electronic funds transfers (EFT), introducing an additional SMS confirmation step to combat digital fraud. This measure enhances financial security by requiring users to enter a code sent via SMS before completing any money transfer, thereby protecting accounts from unauthorized access.

The Banking Regulation and Supervision Agency (BDDK) initiated this decision following a rise in fraudulent activities through digital banking applications, where fraudsters gained unauthorized access to user accounts to conduct illegal financial transactions. With this system in place, financial security is bolstered, preventing any attempts to transfer funds without the account holder's consent.

Under the new system, even when logging in from a trusted device, users cannot transfer funds without entering a confirmation code sent via SMS.

This system is being rolled out in select banks starting March 1 and will gradually become mandatory across all banking institutions, enhancing the security of the banking sector and safeguarding users from increasing fraudulent activities.

Source: Turkey Breaking