Dhaka, May 19 -- Bangladesh Bank has introduced stricter safeguards for adding money to mobile financial service (MFS) accounts using bank cards, in a bid to curb rising fraud involving cash-in transactions.

The central bank announced the measures on Tuesday, saying that the new system will come into effect from Aug 1.

Under the new rules, when funds are added to an MFS account from another person's debit or credit card, users must first complete a token transaction of up to Tk 500 as a temporary verification step.

Once successful, the card will be linked to the MFS account, after which regular transactions can be carried out 24 hours later.

Officials said the move follows a series of recent fraud incidents involving card-to-MFS trans...