New conditions for deposits and protection against fraudsters: what will change on October 1

From October 1, 2022, two important innovations await bank customers, we were told in the press service of the Main Directorate of the Bank of Russia for the Central Federal District.

First, bank customers will be able to set themselves limits on online transactions. It will be possible to prohibit online transactions in general, to prohibit only loans or only transfers, or to limit the parameters. For example, enter the maximum amount for one transaction or set a limit for a certain period of time.

First of all, it will give you protection from scammers.

“This measure can be considered especially relevant for the elderly, since they are an audience vulnerable to the tricks of cyber fraudsters,” explains Dmitry Ibragimov, Deputy Head of the Information Security Department of the Main Directorate of the Bank of Russia for the Central Federal District. – If a ban on remote transactions has been established, then scammers will not be able to get an online loan or steal money, even if they were able to access the victim’s online banking.

For additional protection, banks will be required from October 1 to identify all devices from which online transactions are made, confirm their phone numbers and email addresses.

This service will also be useful for shopaholics and those who like to collect a lot of credits. If you know such a weakness behind you, introduce a restriction. If you want to save a certain amount every month, but you can’t resist and spend everything, set a limit on spending in a certain period.

In order to use the service, the client will need to submit an application to their bank. How exactly this is done, each bank sets itself.

The second innovation, which also comes into force on October 1, concerns the conditions of deposits. From now on, banks will be required to show customers the key conditions, arranged in a convenient and understandable table. Everything should be reflected in it: the interest rate and payment terms, the conditions and period for accruing increased rates, the extension of the deposit, the restriction on replenishment, the conditions for early withdrawal of money.

The law, according to which the Bank of Russia received the right to require banks to inform depositors about the conditions of deposits, came into force on July 3, 2022. The banks were given three months to finalize their IT systems and bring them into line with the new requirements.

Yana MAYEVSKAYA.

Photo by Moscow agency