Bank-Transfer Fraud Update: Cybershield Programme Extended in Hungary Until 2027

  • 9 Apr 2024 7:00 AM
  • Hungary Matters
Bank-Transfer Fraud Update: Cybershield Programme Extended in Hungary Until 2027
Although the value of damages caused by bank-transfer fraud decreased in 2023, further efforts are necessary and the participants of the CyberShield programme are extending their cooperation until 2027, National Bank of Hungary (NBH) deputy director governor Csaba Kandracs has said.

Last year, 40,000 fraud attempts caused the victims damages of 50,000 forints per minute, he said. More than 90% of Hungarian banks organise cybersecurity training for their employees, Levente Kovács, general secretary of the Hungarian Banking Association, said.

The NBH expects financial institutions to introduce real-time fraud screening systems, block fraudsters’ bank accounts, monitor suspicious transactions, and tighten customer identification and payment procedures, NBH managing director Lajos Bartha said.

The ten participants of the programme include the NBH, the Hungarian Banking Association, the National Police Headquarters (ORFK) and several ministries, as well the National Media and Infocommunications Authority (NMHH), the Hungarian Treasury and the National Cyber Security Centre.

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