The Central Bank intends to strengthen anti-fraud measures - SafeTech | SafeTech

The Central Bank intends to strengthen anti-fraud measures

The Central Bank intends to bring the problem of social engineering to the government for discussion with the aim to legislatively introduce blocking of bank cards of “mules”, the holders of accounts used for cashing in of funds. It is also proposed to develop a set of measures to combat the unauthorized transfer of funds due to an attack on a client or element of a payment system. But experts consider it premature to talk about such measures, since the Central Bank now does not have reliable data on the volume of fraudulent transactions.

According to Kommersant, at a meeting of the advisory council on the development of the national payment system with the participation of the head of the Bank of Russia Elvira Nabiullina on September 20, the first deputy head of the Central Bank’s information security department Artyom Sychev presented a report on the need to increase the effectiveness of fraud prevention in the payment industry.

As follows from the presentation (available to Kommersant) and as the meeting participants confirmed, one of the main measures is the need to bring to the government level a solution to the problem of social engineering with the use of stolen citizens’ databases. According to the Central Bank, in 2018, 97% (1.34 billion rubles) of unauthorized payment card transactions was committed using social engineering techniques.

Veronika Goryacheva

Published September 24, 2019 in the Kommersant №73