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HATC SAMPLE EDITION:
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4th June, 2025
MNB unveils plans to counter cyber fraud
The MNB intends to launch a comprehensive “five-strike” plan to combat cyber fraud, deputy governor Barnabás Virág announced at a press conference.
More than 226,000 bank card transactions were affected by fraud last year, with damages reaching Ft 42 billion, of which Ft 32 billion affected retail consumers and Ft 10 billion corporate users.
The proportion of fraud-related losses passed on to customers by banks soared from 10-20% before 2020 to 92% in 2023, reaching 98% in transfer-related and 72% in card-related cases.
The MNB will propose legal amendments to shift more responsibility onto banks, so that all parties are equally incentivised to take protective measures, Virág added.
To enhance fraud prevention, the MNB will launch a centralised filter in real time through clearing house GIRO, which will screen transactions in under 0.5 seconds.
Banks will have to implement mandatory MNB guidelines, which will also conduct targeted supervisory reviews, Virág said, adding that the MNB will launch public awareness campaigns.
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Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).
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