The Bank of Russia has introduced a new regulation requiring credit institutions to promptly update their systems with fraudsters' details from the regulator's database. This measure aims to reduce fraudulent fund transfers.
Large banks and those deemed significant in the payment services market will have a two-hour window to incorporate this information starting October 22, 2024, which will be reduced to one hour beginning January 1, 2025. Other banks will have a three-hour timeframe for updating their systems as stipulated by the regulator's ordinance.
The Bank of Russia has also revised the requirements for how banks should handle information about potential fraudulent transactions. This includes ensuring effective communication with law enforcement agencies. Banks must determine if a transaction was authorized by their client and report back to the Bank of Russia within one business day regarding whether they recognize the transfer as fraudulent. This protocol is crucial when victims bypass their bank and directly file complaints with the police.
Preview photo: Andrey Popov / Shutterstock / Fotodom