One clear plan for cardholders facing cybercrime
Four steps exist for cardholders when warning signs appear that money is at risk. The press service of the Central Bank of the Russian Federation, in commentary on a recent report about transactions made without customer consent in the second quarter of 2023, shared these recommendations today.
According to the data, the total value of transactions done without the cardholder’s consent in April through June 2023 reached 3.6 billion rubles, up from 3.5 billion rubles in the first quarter. This trend underscores the need for vigilance and swift action in responding to potential fraud. The bank regulator notes that this information reflects ongoing challenges in the payments ecosystem.
First, the Central Bank urges individuals to protect personal and financial information. Do not disclose sensitive data to anyone, regardless of the claimed reason or method, whether a phone call, a website, or an email seems legitimate. This caution is the bedrock of defense against social engineering and other fraud techniques.
Second, if there is any doubt about the safety of funds, contact the bank directly using the official website or the phone number printed on the back of the bank card. This direct verification step helps confirm account status and rules out spoofed inquiries. The regulator emphasizes relying on official channels to avoid fraudsters who mimic bank communications.
Third, if fraud is suspected or confirmed, it is essential to block the card immediately. This can be done through a mobile banking app or the bank’s online personal area. Card blocking can also be initiated by the bank’s contact center, using the number on the card, or at any branch. After blocking, customers should monitor for unauthorized transactions and keep records of any unusual activity.
Fourth, within one day of receiving a notification about a debit, a formal dispute should be filed with the bank by visiting a branch to submit a written statement regarding the transaction. In parallel, lodging a complaint with the police is advised, as it creates an official record and may assist in investigation or recovery efforts.
The regulator notes that if a person voluntarily transfers funds or shares banking data with fraudsters, banks may not be obligated to refund the stolen amount. This underscores the importance of never handing over access details or authorizing unknown transfers, even when requests appear urgent or convincing.
Second-quarter fraud attempts show a troubling rise in attempts to withdraw funds from accounts. The number of incidents increased from 252,111 in the first quarter to 279,706 in the second quarter, with approximately half of the attacks employing social engineering tactics to deceive victims. These figures illustrate the growing sophistication of fraud schemes and the need for proactive risk awareness and rapid response.
Earlier, the Central Bank had reported an uptick in account thefts in the first quarter, highlighting a pattern that continues to demand attention from financial institutions and cardholders alike. The agency continues to monitor fraud trends and to promote best practices for securing funds and personal data.