ING will block your transfer and you should be happy
It is worth recalling that the Office of Competition and Consumer Protection is conducting proceedings against several banks operating in Poland. The main topic is unauthorized transactions, for which financial institutions were not entirely fair in their settlements with customers.
According to the regulations, the bank must return the money to the customer, even if the customer authorized the transaction and later claims that he was defrauded. He can then seek reimbursement in court. Banks did not do this and used the excuse of gross negligence of consumers.
Therefore, the Office of Competition and Consumer Protection issued recommendations for banks, which ING is now implementing.
Changes to ING regulations
In its latest correspondence to clients, ING announced the introduction of three new functions that are intended to improve security and reduce the number of unauthorized transactions.
The first is the protection period. It is a maximum of 6 hours. During this time, the bank may not accept the instruction placed by the customer if it considers that security has been breached. An example would be a situation in which a client had recently changed the transaction limits on the account and then decided to make a large transfer.
Another new feature is the limited access mode. This each customer must activate themselves. Once it is turned on, you cannot place any orders. It will be possible to view accounts, but we will not make transfers. The mode will be disabled after the protection period expires.
In addition, ING will analyze the data once a quarter and, on this basis, decide to lower customer transaction limits. It will not take into account your own transfers, transfers to ZUS or the tax office.
