Business And Markets

Debit Card Fraud Declines

Debit Card Fraud Declines
Debit Card Fraud Declines

Almost a year after the Central Bank of Iran announced the one-time password (OTP) compulsory, the payment regulator says the move has significantly reduced phishing and suspicious transactions.
CBI data indicates that "suspicious transactions" declined more than 85% during the course of one year since the OTP camde into force, the Monetary and Banking Research Institute news agency, IBENA, reported. It said the move was "a big success for the CBI and the banking industry in fighting internet fraud.”
To curb cybercrime related to debit card fraud and boost the security of online banking, the CBI last year instructed banks and credit institutions to offer OTP service to protect clients' ID and bank account data.


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