Russia Introduces New Law to Combat Bank Fraud
A new balance in Russia, effective from September 27, introduces enhanced security measures for bank customers. It allows banks to temporarily block cards, associated apps, and e-wallets for two working days if they suspect unauthorised transactions. Under the new regulation, banks must monitor unusual or suspicious transactions. If a bank suspects a transaction was made without a client's consent, they can block the relevant cards or digital payment methods for two working days. During this period, account holders can confirm the transaction or report an attempted theft. The new law, coming into effect at the end of September, applies to all banks in Russia. It aims to protect customers from fraudulent activities and provide them with a window to confirm or dispute transactions. From September 27, Russian banks will be obligated to monitor and block unusual or suspicious transactions. This new law offers customers a two-day period to confirm or report unauthorised transactions, adding an extra layer of security to their accounts.
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