Bank of Russia and Russian MIA to exchange data on fraudulent transactions
Beginning on 21 October 2023, officers of the Russian Ministry of Internal Affairs (MIA) will promptly receive data on unauthorised transactions from the automated system of the Bank of Russia’s Financial Sector Computer Emergency Response Team (FinCERT). The information exchange between the regulator and the MIA will be carried out according to the law becoming effective on 21 October that will help counter cyber fraudsters more efficiently.
Pursuant to the law, the procedure for the online exchange is based on the relevant agreement between the two parties. Specifically, after receiving a victim’s complaint, the Russian MIA will be entitled to request data on the fraudulent transaction from the Bank of Russia, including about the recipient of the stolen money. If this information is not on the FinCERT’s database, the regulator will apply to particular banks for it. The single-contact mode will make it possible to receive data needed to analyse facts of frauds and investigate criminal cases within a very short period. The data exchange will be carried out in compliance with the banking secrecy requirements.
The information provided by the law enforcement agencies to the regulator may be included in banks’ systems and used to prevent new frauds.