The Central Bank proposed limiting cash deposits at ATMs to combat fraudsters

The head of the Bank of Russia, Elvira Nabiullina, spoke at the “Cybersecurity in Finance” forum in Yekaterinburg about the regulator’s plans to combat cyber fraud. According to her, the Central Bank plans to introduce a limit on cash deposits at ATMs from cards and applications, as well as establish a cooling period for issuing large loans in the amount of 1 million rubles or more.

“It seems to me that the norm that will work in July needs to be extended over the cooling period to large loans. Because with transfers we give banks the opportunity not to immediately withdraw money from suspicious accounts, but for large loans we do not give this opportunity. It must be implemented,” said the head of the Central Bank (quote from TASS).

For large loans with a certain amount, the Central Bank proposes to introduce a limit of 1 million rubles. In this case, the amount can be discussed, as well as the cooling period. The head of the regulator noted that “a loan in a few minutes” is convenient, but many incur high costs due to scammers.

Another possible measure to combat cyber fraud is the mandatory information exchange as part of cybersecurity work. Large banks already have such an exchange on a bilateral basis, but small banks do not have such a system. Elvira Naibiullina proposed that Russian banks discuss the mandatory information exchange as part of cybersecurity work.

By data The Central Bank, in 2023, banks repelled 34.8 million attempts to steal customer money. The amount of failed thefts is 5.8 trillion rubles. At the same time, the scammers managed to steal 15.8 billion rubles from clients of Russian banks. The number of operations amounted to 1.17 million operations, or 33% more than a year earlier (RUB 14.2 billion for 2022).

Read more about the fight against fraudsters in the material “Fraudsters are switching to Trojans”.

Anastasia Larina