Banks’ clients to voluntarily restrict online operations for protection against fraud
Beginning on 1 October 2022, clients will be able to prohibit online transactions or set restrictions on their parameters, including the maximum amount of a transaction or a limit for a certain period, on their own at the banks providing services to them. This option is provided for by the Bank of Russia ordinance registered by the Russian Ministry of Justice.
Clients may ban remote channels only in relation to particular services, for instance, money transfers or online lending, or to any operations. To use this free option, a client will need to write an application to the bank. The form of this document and the procedure for its submission are to be established by credit institutions. Furthermore, banks’ clients may cancel the ban or change the parameters of online operations at any moment without any restrictions.
‘Such preventive measure is especially relevant for people who are most sensitive to cyber fraudsters’ influence, for example, for elderly persons. When there is a ban on remote operations, fraudsters will not be able to raise an online loan or steal a person’s money, even if they managed to get access to the person’s online banking,’ comments Vadim Uvarov, Director of the Bank of Russia’s Information Security Department.
To ensure additional protection of their clients against cyber fraud, since 1 October 2022, banks will also be obliged to identify all devices used by their clients to conduct online operations and verify their telephone numbers and emails.