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NSPK to impose cash load limits on virtual cards for two days from issue
The initiative involves cards generated in a banking application or in a separate special utility (like Mir Pay) and stored on the mobile device where they were issued.
This spring, the National Payment Card System (NSPK) intends to launch a service that would limit amounts deposited to tokenized (or virtual) cards within two days from their issue, as and when requested by a bank. The initiative involves cards generated in a banking application or in a separate special utility (like Mir Pay) and stored on the mobile device where they were issued. For one physical plastic card, several tokens are allowed to be generated on different devices.
The initiative has been driven by the growing tokenized card fraud volumes in Russia. Fraudsters persuade people into linking a virtual card (Mir Pay, for example) to e-wallet, and then urge them to transfer cash to it at an ATM under the pretext of their money security. However, the owner of that money will never see it again. At the same time, users do not think about security, since they use their own phone.
VTB supported the initiative, saying that they had already set a RUB30,000 limit for loading tokenized cards. PSB is going to launch a similar service (its implementation is underway already), with OTP Bank and Dom.RF Bank ready to follow suit. OTP says they set up security rules for depositing funds to virtual cards. The rules are quite flexible and based on the total amount for a given period, rather than a single transaction amount. Novikom Bank, Pochta Bank and BBR Bank are also exploring the possibility of the NSPK service implementation.
The Bank of Russia noted earlier that banks should be legally obliged to set a RUB50,000 limit for account replenishment for the period of 48 hours from the generation of a virtual card. Such a measure, among other things, has already been included in the bill on the “cooling-off period” for loans, adopted in the first reading by the State Duma in January.
Source: IZVESTIA