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VTB to launch self-restriction service in February to combat fraud
In February, VTB Online users will be able to set up self-imposed restrictions on transactions in the application and online bank. This will allow them to shut out unauthorized loan issuing, early withdrawals from a deposit, transfers, etc. In this way, clients will be able to minimize the risks of fraud.
“While fraud remains the “scourge” of the modern financial market, every VTB client will be able to protect himself in advance. The new service will help clients tighten control over their finances and minimize the risks of online fraud. The first options will appear in VTB Online in February: the client will be able to set up a ban on QR code based cash withdrawals at ATMs. In Q1, the functionality for restrictions on savings and loans will be implemented, and all other options will be available before the end of the first half of the year,” said Georgy Gorshkov, VTB Vice President and Deputy Board Chairman.
With the new service, customers will be able to set restrictions on online transactions in four main sections: loans, savings, payments and transfers. The application will allow the online loan origination to be fully blocked to eliminate the risk of fraud. A limit can be also imposed on individual products – a ban on car loans or cash loans can be set up.
The client will have the option to prohibit early closure of deposit accounts with further withdrawal of funds through online channels, or configure special conditions for such transactions, for example, biometric approvals. Flexible limits for spending transactions will later become available for all types of payments and transfers: it will be possible to limit or prohibit certain types of transactions, for example, for specific categories (transfers abroad, large amounts) or based on pre-set limits.
Customers will also be able to set up a priority method for transaction approvals through options that are not available to fraudsters, such as NFC (by tapping a card on the phone) or biometrics. Self-imposed restrictions can be lifted at any bank branch.
Reference information:
Starting from March 1, individuals will have a legal opportunity to impose a ban on an unsecured loan issue at the Public Services (Gosuslugi) portal and, from March 1 to September 1, 2025 (depending on the region) this facility will become available at the multifunctional public services centers, with the storage of this data in the borrower's credit history. VTB is participating in testing this mechanism and energetically implementing necessary changes in accordance with the new laws.