Residents of the Russian Federation will have the right to object to the inclusion of their personal data in the suspicious transactions database, according to the Bank of Russia.
To exercise this right, a formal application must be submitted to the regulator. Submissions can be made directly on the Central Bank’s website or via their banking partner. The press release notes that decisions on applications are typically issued within 15 working days.
The Central Bank of the Russian Federation maintains a database of fraudsters, a repository to which all credit institutions provide information about suspicious transactions reported by customers. This collaboration helps banks identify and counter cyberfraud more efficiently.
Previously, Russia saw a rise in fraud cases involving suppliers from China, prompting closer scrutiny of transactional patterns and supplier verifications.
There were prior alerts about scams connected to digital rubles, urging caution and verification in engagements involving digital payments.