Anti-fraud measures: 2024 Q3 results
Over July—September 2024, banks neutralised 16.1 million cyber attacks on clients’ accounts and prevented theft of ₽4.9 trillion. This amount is three times larger than a year before, according to the Review of Reporting on Information Security Incidents Related to Funds Transfers.
Measures implemented by the Bank of Russia have enhanced the communication among the regulator, banks, and the law enforcement authorities as well as the exchange of information about cyber fraudsters. The regulator receives data on thefts to its database from the law enforcement agencies even when the victims do not apply to their banks. Malefactors’ details are added to the database on a continuous basis.
Furthermore, the law on new anti-fraud mechanisms became effective on 25 July 2024. The law updates the term ‘authorised fraud’. It is a transaction where the victim is manipulated into voluntarily making a money transfer under false pretences.
Beginning from 25 July 2024, banks are to report frauds according to a modified form taking into account the legislative amendments. The amount of losses reported in July—September 2024 considerably exceeded the average of the previous four quarters. In particular, criminals stole ₽9.3 billion over 2024 Q3. Online banking and money transfers made up slightly more than 40% of this amount, while previously, funds were stolen mostly through payment card transactions.
In 2024 Q3, the Bank of Russia initiated the blocking of 12,100 fraudulent websites and web pages in social media and sent information on 42,100 fraudulent phone numbers to communication providers.