24.09.2022
Chicago 11, Melborne City, USA
Market

For transfers from 10 thousand rubles, they want to introduce a “cooling off period” – to withdraw money in case of fraud

The idea was submitted by the Council for Consumer Rights Protection at the Central Bank, which generally increases its chances of reaching implementation in practice.

The Council for the Protection of the Rights of Consumers of Financial Services at the Central Bank proposed introducing new measures to protect against the actions of fraudsters, which have become especially active this year. In particular, it is proposed to block all transfers in the amount of 10 thousand rubles until reconfirmation by the sender. In this way, unauthorized transfers of large amounts by fraudsters can be avoided.

The principle of freezing such transfers is based on the introduction of intermediate or dynamic escrow accounts – the money will be kept on this account until the transfer is confirmed by the sender. In addition, it is planned to introduce a two-day “cooling off period” during which the sender can cancel the transfer. And if the transaction is indeed initiated by the account holder, it will be enough for him to enter a fixed PIN code or complete the send using one of the identifiers.

Note that “cooling off period” for bank transfers it is proposed to introduce by analogy with the existing practice when concluding insurance contracts and for additional services. For example, the client can cancel the voluntary insurance contract within 14 days and return the previously paid amount in full or in part.

Experts believe that such a measure may indeed be effective, but will cause great difficulties for ordinary bank customers. The main problem is the amount that is planned to be frozen until reconfirmation. After all, transactions worth more than 10 thousand rubles are among the most frequent. Although the Central Bank rejects such statistics, citing its own calculations from the SBP, for the first quarter of 2022, the average amount for all transfers was 5.6 thousand rubles. Therefore, difficulties with the efficiency of such transfers can be avoided.

But experts in the field of security also note that a similar system is already working on marketplaces. And there they really managed to significantly reduce the attempts of unauthorized transfers by fraudsters. However, this method is ineffective against traditional social engineeringwhen scammers get the necessary information from account holders.

Considering that the proposal was made by the council at the Central Bank, the likelihood of introducing new rules is quite high. But in this case, it is likely that certain changes will still be made to the original idea.

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