New rules will come into force in Russia from July 25, 2024, to help protect bank customers from fraudsters. Financial institutions will now be able to examine financial transactions in greater detail and suspend payments if they detect signs of fraud. The updates will also affect fraud prevention systems, which will now use up to six signals to identify suspicious transactions.
Previously, banks verified transactions based on a variety of basic criteria, such as the unusual nature of the transaction and device data. Now, thanks to new data from anti-fraud systems, they will also be able to suspend transfers to accounts associated with fraud. More data will allow systems to respond more quickly to potential threats and prevent financial losses.
In addition, banks will be able to receive information about the initiation of criminal proceedings against recipients of funds. This will help you respond more quickly to possible fraud schemes. There will also be a “cooling off” period for payments, which will give customers time to reconsider their actions and protect their funds from fraudsters. These measures will help strengthen customer protection and make financial transactions safer.
Source: Ferra
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