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Regulator offers recommendations for banks to protect people with disabilities and the elderly from fraudsters

11 August 2021

A person should independently decide whether he or she needs to connect remote access channels to his or her bank account rather than have them connected by default along with other services.

If a client uses a mobile bank or other digital services, it is necessary to provide them with the option to hide accounts, deposits or cards in the mobile application and set limits on operations (in terms of amount, quantity, a list of available recipients).

These are the recommendations prepared by the Bank of Russia for additional protection of vulnerable categories of individuals (people with disabilities and the elderly) from various types of fraud, including social engineering.

Credit institutions should also implement the so-called ‘second hand’ service, when a person can appoint by mutual consent another customer of the bank as his or her assistant. It is supposed that the assistant will receive notifications about planned operations using digital channels and be able to confirm or reject them. If the 'second hand' notices any unusual activity, he or she will be able to clarify the situation with their dependant and, in case of a fraud, dissuade the latter from performing the operation. Only the customer can initiate activation of the service, and when receiving a request to deactivate it, banks are recommended to check the request for potential fraud.

Preview photo: Robert Kneschke / Shutterstock / Fotodom