10.08.2022
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The Central Bank wants to introduce a “cooling period” of 2 days for some transfers: who will it affect

This is necessary to combat fraud – banks will be required to temporarily freeze transfers to dropper accounts.

The Bank of Russia continues to fight bank fraud. Since December last year, the Central Bank has acquired the right to block fraudulent websites out of court, and has already managed to apply this right more than 2.4 thousand times. Vadim Uvarov, deputy head of the Central Bank, spoke about this in an interview with Izvestia. In addition, the official announced some innovations in terms of transfers to scammers.

In particular, Uvarov recalled that The Central Bank maintains a database with cases of money transfers without the consent of customers (and attempts at such translations). The database contains data from banks – information about the accounts and recipients of funds that the scammers tried to steal. In fact, the attackers use dropper accounts – they are issued to nominees, and the money received on them is then transferred to the accounts of the scammers themselves.

The Central Bank proposes to oblige banks to check all transfers to such accounts. And if he, having all the information, does not take into account the risks, he will be obliged to return the stolen amount to the victim of fraud. This will work even if the victim has become a victim of social engineering methods (when scammers convince the victim to transfer money on their own under various pretexts).

Another proposed innovation is introduce a “cooling period” for transfers to accounts that are contained in the database of the Central Bank. Within two days, the sender of money will be able to withdraw his transfer if he realizes that he has become a victim of fraud. Formally, the bank must complete the transfer in no more than 3 working days – therefore, a delay of 2 days will not violate the law, Uvarov believes.

Also, banks can oblige to disconnect clients from the Central Bank base from remote service. That is, if the Central Bank detects signs of fraud, the account data will be entered into the database, and the bank will be obliged to disable the online bank for this client. It will be possible to unblock transactions when the client personally applies with a passport to the bank, which nominees (droppers) will not do because of the risks.

To implement all this, it will be necessary to amend the legislation, the Central Bank hopes that the corresponding bill will be submitted to the State Duma in the near future.

The Central Bank also wants to establish information exchange between banks and law enforcement agencies, this will help speed up the investigation of fraud cases. Previously, the Central Bank, in addition to the right to block websites, was able to identify and initiate blocking of phone numbers used by scammers. Over 179,000 numbers were blocked during the year.

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