To Minimise Fraud OTP Limits Online & Mobile Transfers in Hungary

  • 20 Apr 2024 9:20 AM
  • Hungary Around the Clock
To Minimise Fraud OTP Limits Online & Mobile Transfers in Hungary
OTP bank will automatically set a daily limit transfer of Ft 1 million for internet and mobile banking transactions for retail customers starting May 8.

Clients can manually change these limits, the bank added. The limits do not extend to transfers between clients’ own accounts.

The MNB said in a recent report that setting limits helps to minimise losses in case of fraud, as around 85% of fraudulent transfers exceed Ft 1 million in value.

Scammers caused a total of Ft 5.1 billion in damages in 3,537 cases in the fourth quarter of last year.

MTI Photo: Attila Kovács


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