Banks prevent twice as many fraudulent transactions in 2024
Over 2024, credit institutions’ anti-fraud systems thwarted 72.17 million attempts made by fraudsters to steal clients’ funds as compared to 34.77 million in 2023. The amount of saved funds totalled ₽13.5 trillion (vs ₽5.8 trillion in 2023). This is reported in the Overview of transactions not authorised by customers of financial institutions.
Nevertheless, cyber fraud activity continues unabated. In 2024, fraudsters managed to steal ₽27.5 billion, which is 74% more than in 2023. Last year, the Bank of Russia took a number of measures to improve the quality and speed of interaction between the regulator, banks, and law enforcement agencies as regards the exchange of data on fraudulent transactions. Now, the regulator’s database receives information about thefts even if victims immediately go to the police without contacting their banks to dispute such transactions.
In 2024, the Bank of Russia initiated the blocking of nearly 172,000 phone numbers used by fraudsters, as well as slightly over 46,000 fraudulent websites and social media pages.