The National Bank of Hungary (MNB) has pointed to a surge in financial scams in 2023, with an increasing share of the damages borne by the clients. Nowadays, fraudsters also steal data using QR codes and even take out loans in victims’ names. Although the MNB says the sharply rising trend has been broken, further action is necessary as Hungary’s international ranking has deteriorated.
Although the value of damages caused by bank-transfer fraud decreased in 2023, further efforts are necessary and the participants of the CyberShield programme a
Although the value of damages caused by bank transfer fraud decreased in 2023, further efforts are necessary and the participants of the CyberShield program are extending their cooperation until 2027, National Bank of Hungary (MNB) deputy director governor Csaba Kandracs said on Monday.
Government interventions, the urgency to digitize and the need to comply with new regulations: the local banking sector is under a lot of pressure. Yet, the numbers still look rosy.