The Ministry of Internal Affairs supported the initiative of banks to block cards for 30 days

✨ Megiddo

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May 15, 2016
The Ministry of the Interior of Russia supported the initiative of banks to block card transactions in case of suspicious transactions for a long time, and not for two days, as it is now. This was told to RBC by two participants in a meeting held on August 27 at the Association of Banks of Russia on combating the theft of cash from bank customers. The meeting was attended by representatives of banks, the Central Bank and the Ministry of Internal Affairs.

At the meeting, the previously announced initiative of banks aimed at changing the law was discussed - a 30-day permit to block cards to which stolen money is supposedly transferred. According to the statistics of the Central Bank, stolen funds that are withdrawn to other cards are withdrawn already in the first hours after receipt of the account. Therefore, the Central Bank doubted the effectiveness of the proposal of the Russia Association, believing that banks will often take appropriate measures after the withdrawal of stolen funds by the attacker.

But the Ministry of Internal Affairs actually supported this initiative, the head of the Russia Association, Georgy Luntovsky, confirmed to RBC. Representatives of the Ministry of Internal Affairs at the meeting said that 30 days is enough for them to understand the matter and initiate a case, said the vice-president of the association, Aleksey Voylukov.
“The Bank of Russia is discussing with banks the issue of improving the procedures for the return of funds withdrawn as a result of operations without the consent of the owner of these funds. It’s premature to talk about the details now, ”RBC told the Central Bank press service. A request was sent to the Ministry of Internal Affairs.

Most banks come to the conclusion that it is necessary to suspend the movement of precisely the suspicious amount, and not to block the entire card; the deadline will still be discussed, said Voilukov.

Regarding the deadline for blocking cards in 30 days, the opinions of bankers at the meeting were divided: some banks believe that it is necessary to use this measure, some advocate working out the mechanism in more detail, Voilukov said. “According to these banks, not only some measures are required to block accounts, here it is necessary to think about how to increase the efficiency of interaction between banks and FinCERT Central Bank, between banks and law enforcement agencies,” Luntovsky emphasized, adding that the period is 30 days can change both up and down.

For a detailed study of the issue at the meeting, it was decided to create a working group with the participation of banks, the Ministry of Internal Affairs, the Central Bank and other interested parties, Luntovsky said. They, he said, should study in more detail all the processes associated with the return of illegally stolen funds.
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