Banks must check all transfers by individuals for fraud from July 1.

Amendments to the Federal Law “On the National Payment System” will come into force on July 1, 2024, obliging banks to counteract fraudsters.

People often voluntarily provide payment card numbers, codes, and passwords to attackers. The State Duma recalled that the law coming into force on July 1 will allow banks to:

• suspend fraudulent transactions, even if the client confirms them;
• return funds to defrauded citizens;
• turn off remote servicing of fraudsters.

The bank must verify the client’s consent before transferring funds. Moreover, the sender’s and recipient’s banks will check for signs of fraud.

Banks can suspend for 2 days or cancel fraudulent transactions, even if the sender agrees. They must also turn off the suspected fraudster's remote service.

Banks are creating a database of scammers and will continue to add to it.

Suppose the bank allows the transfer of funds to a recipient in the fraudulent database. In that case, it undertakes to reimburse the entire amount within 30 days after the client’s application and 60 days for a cross-border transfer.

Author: Elina Akhmetova