Banks have criticized the draft law proposed by the Central Bank of the Russian Federation (CB) to combat fraudsters. This was reported to Izvestia in the Association of Banks of Russia (ADB).
As noted in the press service of the Central Bank, a change in the mechanism for the return of funds stolen by intruders and measures to counter fraudulent transfers were discussed with market participants. The draft law is currently being finalized.
Earlier, the regulator put forward a bill that is designed to complicate the procedure for conducting transactions, including the fact that not only the payer’s bank, but also the recipient’s bank checks them for signs of fraud, and so that the latter can restrict remote access to the account. So, a dubious transfer can be suspended twice by the bank, agreed with the client several times and delayed for two days. It also stipulated the possibility of an unconditional return of the entire stolen amount if the bank did not take into account in its business processes information from the Bank of Russia database about transfer attempts without the client’s consent.
As Aleksey Voylukov, vice-president of the Association of Banks of Russia, emphasized, the proposed measures raise questions about the possibility of their implementation and the consequences if they are mistakenly applied to a client. In this case, all responsibility is shifted to the credit institution receiving the payment. In addition, such a mechanism will lead to consumer dissatisfaction with the level of banking services and claims against financial institutions.
According to the Bank of Russia, in the third quarter of 2021, attacks using social engineering methods were used 163% more often than in the same months of 2020, the number of such frauds amounted to more than 12.2 thousand.
Read more in the exclusive Izvestia article:
“About the account: banks criticized the proposals of the Central Bank to combat fraudsters”
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
