Russian bank clients to have option to block remote services to protect against fraud - Central Bank

MOSCOW. June 29 (Interfax) - Clients of Russian banks will as of October 1, 2022 have the option to independently prohibit online transactions on their bank accounts or set restrictions on them, such as a maximum transaction amount or time limit, the Central Bank of Russia (CBR) said in a statement.

"Such a preemptive measure is particularly relevant for people most vulnerable to cyber fraud, such as elderly citizens. If a block on remote transactions was set, fraudsters will not manage to take out an online loan [on your account] or steal your money, even if they managed to get access to your online banking," CBR information security director Vadim Uvarov was quoted as saying in the statement.

Bank clients will be able to prohibit certain services, such as transfers and online lending, or all transactions. In order to use the free service, they will need to write a request to their bank. The form of the document and the process for submitting it will be determined by the bank. Clients will be able to cancel the block or change the parameters of online transactions at any time without restriction.

As of October 1, in order to protect clients from cybercriminals banks will also be required to identify all devices from which individuals make online transactions, and confirm their phone numbers and email addresses.