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Fraud
According to the Banks Association of Turkey, a fictitious transaction is a collusive transaction made by misusing POS devices, debit cards, or credit cards. Banks that detect such transactions through merchants report them to the Banks Association of Turkey.
Merchant & POS
In Turkey, there are 3 payment schemes we are used to seeing: MasterCard, Visa, and Troy. American Express and Diners Club are also used, though less widely. Russia's Central Bank recently said two Turkish banks are preparing to accept Mir cards.
Payment System Institutions
According to the CBRT's official website, the Central Bank of the Republic of Turkey has become the controlling shareholder of the Interbank Card Center (BKM), using the authority granted by Law No. 7192.
Security
The TBB book 'Fraud Detection and Prevention Methods in Banking' analyzes the types of fraud threatening the banking and finance sector and individuals, with examples from the world and Turkey, and offers protection recommendations. This post explains how to access it.
Merchant & POS
The Regulation on the Non-Use of Crypto Assets in Payments, published in the Official Gazette on 16 April and effective from 30 April, looks set to seriously affect cryptocurrency developments in Turkey. Here are its key points and the full text.
Online & Authorization
You press the pay button and the screen says the transaction failed. Behind that failure are checks on your balance and transaction security. This post explains how funds confirmation APIs work, where they apply, and the situation in Turkey's open banking.
Merchant & POS
A contactless offline transaction can occur. If the amount is lower than the floor limit defined on the POS and the card also allows offline authorization, the transaction can be completed offline. Offline transactions are periodically sent by the POS to the acquiring bank.
Merchant & POS
An offline transaction is one in which the card and POS terminal approve the transaction based on their own parameters, without contacting their banks. Whether contact or contactless, the device decides whether the transaction is processed offline.
Payment Systems
Official Gazette No. 32332 dated 07.10.2023 published the amending Regulation and Communiqué covering digital wallets, e-money, share transfers, cloud outsourcing, remote identity verification and card system choice.
Payment Institutions & E-Money
Digitalization is showing itself first in banking and payment systems. The BRSA has announced it will begin issuing digital (branchless) bank licenses, opening the way for new digital banks in Turkey under an amendment to Banking Law No. 5411.
Credit Card
A co-badge card is issued under two or more payment schemes (Mastercard, Troy, Diners Club, Discover, etc.). If a bank's product supports multiple schemes, customers can request a card carrying two or more payment brands.
ISO 8583
Fields F4, F5, F6, F49, F50, and F51 are the Amount and Currency fields sent in the authorization message. For example, for a 300 Euro transaction, the amount and currency information sent in these fields is as follows.