Russian marketplaces should be included in info exchange on fraudulent transactions - Nabiullina

MOSCOW. Feb 19 (Interfax) - Russian marketplaces should be included in the exchange of data on fraudulent transactions, Central Bank of Russia Governor Elvira Nabiullina said during the Cybersecurity in Finance forum.

"We have done quite a lot in terms of automated data exchange, thank God. This is not only between us [the Central Bank and the Internal Affairs Ministry], but also with banks. By the way, we need to include marketplaces in the exchange of data," Nabiullina said.

"We see that market participants often do not want to share data systematically, because data for many of them is their business model, a competitive advantage. Therefore, only the government could establish a systematic exchange between different market participants, I believe," she said.

The Central Bank said that the volume of transactions without the voluntary consent of clients jumped 1.74-fold year-on-year to 27.5 billion rubles in 2024 from 15.8 billion rubles in 2023. Russian banks returned 2.7 billion rubles, or 9.9%, to clients last year from the overall volume of fraudulent transactions versus 1.4 billion rubles, or 8.7%, in 2023.