Moscow – A new anti-fraud service will be introduced in Russia on September 1st, allowing individuals to authorize a trusted relative or friend to approve or reject their money transfers if these transactions appear suspicious, the Central Bank of the Russian Federation announced.
“Citizens will be able to activate a `second hand` service to guard against fraudsters. From September 1st, people will gain a new tool to protect themselves and their loved ones from scams. The control over banking operations can now be entrusted to a relative or friend, who will have the authority to confirm or reject suspicious money transfers. Importantly, this assistant will not have direct access to the account or the right to initiate transactions independently,” the Central Bank`s statement clarified.
This initiative is designed to protect the most vulnerable citizens, particularly the elderly, from fraudulent schemes. It also aims to enhance parental oversight of transfers made by teenagers, who often become unwilling participants in “dropper” schemes without fully grasping the negative consequences.
The regulator also outlined the operational details of the service. A 12-hour window will be provided for confirming or rejecting an operation from the moment of notification. Only the client themselves can initiate the service connection, and each bank will independently determine the method for activating the service. Furthermore, if a client decides to discontinue the service, the bank must deactivate it within 24 hours. This “cooling-off” period is intended to reduce the risk of the “second hand” service being deactivated under pressure from fraudsters.
“The mechanism covers money transfers, including those using bank cards, transfers via the Faster Payment System (FPS), and cash withdrawals,” the statement added.
