Sberbank Details Fraud Shifts After Card Network Exits Russia and Antidrop Efforts

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In a detailed interview published by Izvestia, a senior executive at Sberbank outlined how fraudsters have shifted their cash-out playbook since Visa and MasterCard ceased operations in Russia. The vice president described a multi-layered movement of illicit funds, emphasizing that the most dominant channel remains bank cards issued by domestic lenders. Estimates from the fourth quarter of 2022 indicate that card-based schemes account for as much as 60 percent of fraudulent withdrawals, underscoring the persistent vulnerability of payment instruments even after external card networks exited the market. This assessment reflects ongoing adjustments by criminals as they adapt to evolving tools and enforcement measures. The remarks appear in the context of a broader fight against financial crime and are attributed to the bank’s leadership in discussions with the publication and its readers. (Source: Izvestia)

The executive explained that once funds are stolen, they are often converted into cash and then exchanged into foreign currency. These proceeds are concentrated in what are described as regional “money centers” in Saint Petersburg and the adjacent Leningrad region. The governor pointed to local peculiarities, including the relatively modest deployment of surveillance technologies in certain areas, as a contributing factor to how these flows can be sustained. The observation aligns with known risks around physical cash handling and the challenges of monitoring in geographically dispersed zones. (Source: Izvestia)

Beyond traditional card schemes, the discussion highlighted the role of cryptocurrency as a transit method. Criminals reportedly move illicit gains through digital assets using services that operate in several shopping centers in Moscow, creating a parallel ecosystem for laundering. The use of crypto in this manner has drawn attention to how virtual currencies can be leveraged for rapid transfers and concealment, complicating traceability for law enforcement and financial institutions alike. The bank notes that these funds frequently re-enter the economy via overseas channels, including marketplaces and exchanges with varying levels of regulation. (Source: Izvestia)

In the narrative presented by Sberbank’s leadership, the strategy known as Antidrop has become a cornerstone of deterrence. This approach is described as a proactive measure to push criminals away from the point where stolen funds are cashed out, effectively raising the cost and reducing the success rate of such operations. The impact of this policy is framed by concrete results: in 2022, the bank reports blocking more than 45 thousand card-issuance attempts intended to enable fraudulent access to funds. Crucially, there were zero customer complaints from legitimate users during that period, which the bank presents as evidence of effective risk controls and customer protection. (Source: Izvestia)

The overall message underscores a persistent arms race between criminals seeking to monetize stolen funds and financial institutions strengthening their defenses. Analysts familiar with the topic note that even with the withdrawal network disrupted on some fronts, bad actors frequently pivot to alternate channels, including cash arcs and new forms of digital money exploitation. Industry observers advise that ongoing investments in real-time transaction monitoring, robust authentication, and cross-border collaboration will continue to be vital for reducing loss exposure. As this situation evolves, Sberbank’s leadership indicates a willingness to share insights that can inform best practices across the sector. (Source: Izvestia)

Experts caution that legitimate customers should remain vigilant against social engineering and unauthorized card usage, which often operate in tandem with the underground market’s shifting tactics. Financial institutions stress the importance of quickly reporting suspicious activity and keeping devices secure. While the threat landscape changes—new tools emerge and enforcement practices adapt—the core defense remains the combination of rigorous verification, proactive fraud controls, and a transparent communication channel between banks, regulators, and the public. (Source: Izvestia)

Overall, the interview paints a picture of a transformed yet continuing struggle against illicit withdrawals. The emphasis on card-based channels, the crypto corridor, and targeted deterrence measures provides a snapshot of how financial crime actors adapt in the wake of major payment network withdrawals. Stakeholders in the sector are urged to monitor developments closely, invest in scalable fraud-prevention frameworks, and learn from the successful outcomes reported by Sberbank in 2022 as a benchmark for resilience and responsible risk management. (Source: Izvestia)

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