Bangladesh Bank Enforces Stricter Rules to Combat Cyber Fraud in Money Transfers

Bangladesh Bank has implemented new regulations for transferring funds from bank cards to mobile financial service (MFS) accounts to address rising cyber fraud. Starting August 1, 2026, transfers will only be permitted if both the bank card and MFS account are registered under the same individual's name. Customers must first complete a token transaction of up to Tk 500 before linking their card to an MFS account, with the linking becoming active 24 hours later. This decision follows a significant cyber fraud incident where nearly Tk 27 lakh was stolen through unauthorized transfers involving Standard Chartered Bangladesh cards. The fraudsters exploited vulnerabilities in the system, bypassing one-time password protections using SIM cards and MFS accounts registered under different names. Banks and MFS providers must comply with these new rules or face suspension of their services. The central bank's earlier instructions regarding MFS transactions remain in effect alongside these new directives.

Key Points: • New rules require same-name registration for card-to-MFS transfers effective August 1, 2026. • A recent cyber fraud incident resulted in a loss of nearly Tk 27 lakh through unauthorized transactions. • Banks must ensure beneficiary wallet visibility during transactions to avoid service suspension.