The State Duma adopted in the second and third readings a bill that obliges banks to strengthen customer protection against cyber fraudsters. If a credit institution does not stop a suspicious operation or ignores the cooling-off period, it will have to reimburse the client for the lost money.
The new rules are part of the second package of measures to combat cyber fraud. If a bank detects signs of a suspicious transfer or the impact of malicious software, it will be obliged to request data from the state "Antifraud" system and refuse to carry out the operation.
If, after canceling an operation, a client attempts to repeat the transfer or confirms the order, a 6-hour cooling-off period is introduced. During this time, the bank may not carry out the repeat operation, even if the client insists on the transfer.
If the bank does not apply these measures and money is stolen, the client will be able to demand compensation. However, reimbursement will only be possible within the framework of a criminal case initiated.
Read more on the topic:
- Banks May Get the Right to Temporarily Stop Cash Withdrawals
- Bank operations will not need to be confirmed via "Max": the requirement has been removed from the anti-fraud law
- "The operation must be canceled": fraudsters posing as a bank steal card data