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Since July 25, Russian banks are required to return money that customers transferred to fraudsters within 30 days. There is only one condition — the fraudster's card must be located in a special anti-fraud database of the Central Bank.
On Thursday, July 25, amendments to the law on the national payment system and recommendations of the Bank of Russia to commercial banks came into force in Russia. General message of measures: the regulator obliges to compensate for funds lost due to banks 'non-compliance with the anti-fraud policy and making payments to fraudsters' cards. Now the money stolen by fraudsters is almost never returned to customers. The new rules may significantly affect operations with cryptocurrencies, Grigory Osipov, director of investigations at the Shard cryptocurrency security assessment platform, told Bits.media.
How the new rules will affect p2p operations
P2p operations, exchange of cryptocurrencies in exchangers and arbitrage trading of cryptocurrencies is carried out through operations on bank cards. Moreover, Russian banks are required not only to "know their customers", but also to detect suspicious transactions on bank cards.
Based on certain signs of operations, banks can already partially recognize the cards involved in operations with cryptocurrency. Banks either block such operations or keep a separate database on them (suddenly they will introduce cryptocurrency regulation — then these customers can be offered a banking service). With the introduction of new anti-fraud requirements, banks are likely to increasingly block such operations simply for the sake of reinsurance.
What about the drops?
Banks are required to track customer transactions and find out the sources of origin of their funds. The main task is to make sure that the money comes from a legal source and the client can confirm its origin. However, it is no secret that crypto exchange participants often use bank cards issued to third parties.
Anti-fraud measures of the new amendments are also aimed at combating this phenomenon. Banks will often freeze regular transactions, requiring confirmation from the user in order to eventually remove responsibility.
Fraud around p2p platforms
As for the fight against various crypto scams, including the common "triangle schemes" in p2p exchanges, the situation here is most likely not in the interests of sellers on such sites. If, for example, a victim of Triangle fraud sends funds to a cryptocurrency seller (to his drop card, which was included in the Central Bank's anti-fraud database), the bank will be obliged to return the funds to the victim after writing a statement to the police about fraud. However, this will not prevent the bank from suing the drop and seller from the p2p platform by way of recourse, which, unlike a real fraudster, I will not hide
The victim in this situation can return their funds — most likely they will not reach the fraudster, and the bank will compensate the payments at the expense of the seller on the p2p platform.
How antifraud databases will work
I must say that for the system replenishment of the antifraud database with fraudsters ' cards, the bank's tools are still imperfect. Top-up sources are law enforcement agencies and their own statistics. Fraudsters, in order to avoid blocking, do not interfere with using fresh cards that have only been used for warm-up operations and that are definitely not included in the Central Bank's database.
Another nuance is access to the database itself. On the one hand, fraudsters will not be able to check whether there are risks of using cards, and on the other, it is not known how the victim will find out that the fraudsters ' card is in the database, and the bank should have stopped the operation.
The overall message and the availability of a new mechanism that allows the bank to return funds sent by victims to the fraudster is certainly a good initiative. However, banks, trying to do everything possible not to return money, are very likely to make their anti-fraud policy more stringent. This may lead to an increase in the number of card blockages when performing cryptocurrency exchange operations.
On Thursday, July 25, amendments to the law on the national payment system and recommendations of the Bank of Russia to commercial banks came into force in Russia. General message of measures: the regulator obliges to compensate for funds lost due to banks 'non-compliance with the anti-fraud policy and making payments to fraudsters' cards. Now the money stolen by fraudsters is almost never returned to customers. The new rules may significantly affect operations with cryptocurrencies, Grigory Osipov, director of investigations at the Shard cryptocurrency security assessment platform, told Bits.media.
How the new rules will affect p2p operations
P2p operations, exchange of cryptocurrencies in exchangers and arbitrage trading of cryptocurrencies is carried out through operations on bank cards. Moreover, Russian banks are required not only to "know their customers", but also to detect suspicious transactions on bank cards.
Based on certain signs of operations, banks can already partially recognize the cards involved in operations with cryptocurrency. Banks either block such operations or keep a separate database on them (suddenly they will introduce cryptocurrency regulation — then these customers can be offered a banking service). With the introduction of new anti-fraud requirements, banks are likely to increasingly block such operations simply for the sake of reinsurance.
What about the drops?
Banks are required to track customer transactions and find out the sources of origin of their funds. The main task is to make sure that the money comes from a legal source and the client can confirm its origin. However, it is no secret that crypto exchange participants often use bank cards issued to third parties.
Anti-fraud measures of the new amendments are also aimed at combating this phenomenon. Banks will often freeze regular transactions, requiring confirmation from the user in order to eventually remove responsibility.
Fraud around p2p platforms
As for the fight against various crypto scams, including the common "triangle schemes" in p2p exchanges, the situation here is most likely not in the interests of sellers on such sites. If, for example, a victim of Triangle fraud sends funds to a cryptocurrency seller (to his drop card, which was included in the Central Bank's anti-fraud database), the bank will be obliged to return the funds to the victim after writing a statement to the police about fraud. However, this will not prevent the bank from suing the drop and seller from the p2p platform by way of recourse, which, unlike a real fraudster, I will not hide
The victim in this situation can return their funds — most likely they will not reach the fraudster, and the bank will compensate the payments at the expense of the seller on the p2p platform.
How antifraud databases will work
I must say that for the system replenishment of the antifraud database with fraudsters ' cards, the bank's tools are still imperfect. Top-up sources are law enforcement agencies and their own statistics. Fraudsters, in order to avoid blocking, do not interfere with using fresh cards that have only been used for warm-up operations and that are definitely not included in the Central Bank's database.
Another nuance is access to the database itself. On the one hand, fraudsters will not be able to check whether there are risks of using cards, and on the other, it is not known how the victim will find out that the fraudsters ' card is in the database, and the bank should have stopped the operation.
The overall message and the availability of a new mechanism that allows the bank to return funds sent by victims to the fraudster is certainly a good initiative. However, banks, trying to do everything possible not to return money, are very likely to make their anti-fraud policy more stringent. This may lead to an increase in the number of card blockages when performing cryptocurrency exchange operations.
