Hungarian State Treasury introduces new security protocols

The Hungarian State Treasury is introducing new security and regulatory compliance processes for its online platforms, WebKincstár and MobilKincstár, starting in October. The changes specifically target newly registered payout bank accounts for securities accounts.

Under the new rules, a registered payout account can only be used for transfers if it has received a transfer from that account within one year of registration, or if the customer initiates a deposit (even as little as 1 forint) from that new account to their treasury securities registration account. This process allows the Treasury to verify and authenticate that the bank account is indeed held in the customer's name. Once successfully verified, the account becomes available for payouts within 48 hours.

The Treasury stated that these measures are intended to strengthen asset protection and comply with legal requirements. The move follows an increase in fraudulent attempts where scammers gain access to online platforms and attempt to transfer customer assets to external, unauthorized bank accounts.