Banks to faster include fraudsters' details in their systems
The Bank of Russia has set a time limit during which credit institutions are supposed to include fraudsters’ details received from the regulator’s database in their own anti-fraud systems. This will help reduce the number of new funds transfers to fraudsters’ accounts.
For large banks and credit institutions recognised as important in the payment services market, this time limit will be two hours from 22 October 2024 and one hour from 1 January 2025. For other banks, this period will be three hours. Such changes are provided for by the regulator’s ordinance.
Additionally, the Bank of Russia has updated the requirements for the procedure for banks to provide information on possible fraudulent transactions, including to ensure the information exchange with law enforcement agencies. Now, at the regulator’s request, a bank will have to find out if a transaction has been authorised by its client or not and respond to the Bank of Russia within one business day whether the bank recognises such a transfer as fraudulent. This approach is very important in cases when the victim does not contact his/her bank but immediately makes a complaint to the police.