Non-authorised transactions with legal entities’ accounts reduced in 2016

Last year the regulator identified 717 non-authorised transactions with legal entities’ accounts and managed to prevent almost half of them. In 2015, over 1,000 fraudulent transactions were revealed. At the same time, non-authorised payment card transfers have slightly grown in number. These data were published in the Review of non-authorised fund transfers presented at the IX Urals forum Information Security in the Financial Sector.

In 2016, non-authorised payment card transactions totalled 296,000 which is by 36,000 cases more than in 2015.

One needs to mention that theft volumes both from legal entities’ accounts and from payment cards reduced. In 2016, defrauders tried to steal 1.89 billion rubles from companies which is almost twice as less as in 2015. 1.08 billion rubles were stolen from household accounts which is by 70 million rubles less than in 2015.

Confidentiality breach and malicious software seem to be the main instruments to steal money from corporate accounts. Half of such non-authorised transactions were conducted within the range from 100,000 rubles to 1 million rubles with one-third of them ranging from 1 million to 10 million rubles. This makes us believe that legal entities with insufficient data security become an easy target for defrauders.

Defrauders’ use of payment cards without households’ consent including cases when the former deceive customers or misuse their confidence accounts for the majority of fraud cases.

At the same time, a decline in non-authorised transactions with legal entities’ accounts is indicative of efficient antifraud systems used by the banks. Such drop in the volume of non-authorised transactions with payment cards can be attributed to security measures taken by banks including imposed limits on a maximum amount of funds to be transferred through remote payment services. Expansion of information interaction among credit institutions with the Centre for Cyber-attack Monitoring and Response in the Financial Sector (Bank of Russia FinCERT) being a key player also adds to fraud prevention.

15 February 2017

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