The central bank and financial market regulator will launch a central fraud screening system in July, Varga said.
The system will use artificial intelligence to examine money transfers in a fraction of a second before they are completed and send notifications if it detects any suspicious activity.
MNB will expect banks to be much more active in preventing fraud than they have been in the past. Banks must immediately and fully implement the recommendations set out earlier by MNB to prevent fraud.
MNB will also perform targeted inspections to determine if banks are taking all the measures expected of them to curb these frauds. Varga said they will seek to initiate a change in the legal framework and recommend, in accordance with international practices, that banks fully bear damages in all cases where they did not apply appropriate customer authentication.
This includes extending banks’ liability to cases where the customer is persuaded by scammers to initiate payment on behalf of the bank.
The central bank will also launch an information campaign for bank clients about fraud risks and fraud prevention.
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