Banks to expand channels to inform people about cyber fraud risks
The Bank of Russia has updated the methodological recommendations for banks to warn clients about risks of fraudsters stealing clients’ own and credit money as well as consequences of being involved in the withdrawal and cashing out of stolen money. The document expands the list of channels and measures to be used to inform people.
The regulator recommends that banks develop scenarios for their employees to interview clients in case of suspicions that the client is attacked by a fraudster and his/her money may be stolen. Moreover, banks should provide clients with services to identify suspicious calls and antivirus programs, including those integrated into credit institutions’ mobile applications, that will help prevent theft.
The methodological recommendations will come into force on 25 July 2024. By this time, banks will be ready for performing the recommendations that will help decrease individuals’ losses from cyber fraud.