15:47, 24 August 2022 Page views 400 views

Bank of Russia to oblige banks to return money transferred to fraudsters

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The central bank also proposed a two-day period to be introduced, during which the sender's bank should “freeze” the transfer on the account included into the regulator's database.

This initiative is contained in amendments to the law on the national payment system prepared with the participation of the Bank of Russia, which resonates with the bill on information exchange with the Ministry of Internal Affairs, already adopted by the State Duma on first reading.

Experts believe this will boost the security of transfers, but they fear that bankers may overestimate the degree of risk and block transactions too often. The weakness of the new rules is a five- to seven-day interval between updates of the fraudsters’ details database, which bankers should use. During this time significant amounts can be illegally withdrawn.