CyberShield Program Extended Until 2027

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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.

Last year, 40,000 fraud attempts caused the victims damages of HUF 50,000 per minute, Kandrács said. 

More than 90% of Hungarian banks organize cyber security trainings for their employees, Levente Kovács, general secretary of the Hungarian Banking Association said.

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

The 10 participants of the program include MNB, the Hungarian Banking Association, the National Police Headquarters (ORFK), and several ministries, as well as the National Media and Infocommunications Authority (NMHH), the Hungarian Treasury, and the National Cyber Security Center.

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