Financial institutions granted permission to restrict cash transfers due to suspected fraudulent activities
In 2024, a significant concern for the Bank of Russia and the Russian banking system was the theft of 27.5 billion rubles from bank accounts, marking a 74.4% increase from the previous year.
The majority of the stolen funds, 26.9 billion rubles, were taken from individual accounts, according to the Bank of Russia's report. This represented a significant increase compared to previous years and was primarily due to the theft from individual accounts.
The Bank of Russia's database of fraudulent operations includes the data of individuals whose electronic payment means are involved in fraudulent activities. In response to this surge in fraud, Russian banks have taken measures to protect customers' funds. Suspected individuals are prevented from withdrawing money from ATMs by blocking their cards or accounts when suspicious activity or potential fraud is detected.
Moreover, the law mandates banks to limit cash withdrawals through ATMs to no more than ₽100,000 per month for individuals whose data is in the Bank of Russia's database of fraudulent operations.
The stolen funds in 2024 were more than double the amount stolen in 2023, highlighting the need for increased security measures to protect customers' funds. The Bank of Russia reported the theft from bank accounts in 2024, emphasising the importance of these measures and the need for continued vigilance against fraud.
The theft from bank accounts in 2024 accounted for a large proportion of the total funds stolen, underscoring the urgent need for improved security measures to protect individual bank accounts in the future.
