Turkey's banking watchdog is restricting banks from sending customers their account statements via email due to security concerns and said they should use mobile applications and e-banking websites instead.
According to the new regulations announced by the Banking Regulation and Supervision Agency (BDDK) effective from July 1, banks are not allowed to use foreign-sourced email services such as Google or Hotmail as their primary platform to share sensitive financial information with their customers.
Instead, customers will be automatically directed to online services provided by their banks such as mobile apps to access their monthly bank statements, account statements and EFT receipts. Customers who do not wish to use these apps, however, have the option of making applications to their banks to continue receiving bank statements via email.
With the new regulations, the BDDK aims to keep sensitive customer data within Turkey's borders and increase the cybersecurity of financial and banking institutions, sources from the banking industry said.
Sources also said that mobile banking apps are deemed much safer to store customer information as they offer two-factor authentication, which requires you to login with your password as well as an additional code sent via email, call or text.
Mobile banking services are widespread in the county. According to Deloitte's EMEA Digital Banking Maturity 2018 report, some 65% of customers use mobile banking apps in Turkey, while 21% use internet banking. The remaining 14% still rely on their banks' branches.