The Bank of Russia wants to oblige credit organizations to suspend for two days the crediting of money to accounts whose information is contained in the regulator’s database, Vadim Uvarov, director of the Central Bank’s information security department, said in an interview with Izvestia.

The Central Bank’s database collects information on cases and attempts to transfer money without the client’s consent, it also contains data on dropper cards and accounts used by fraudsters to withdraw money.

“Phone fraud is now widespread, under the influence of which citizens transfer money voluntarily. A person realizes that he became a victim, after a time, when it is impossible to cancel the transfer and return the money, because he independently conducted the operation and violated the terms of the contract. Therefore, in order to protect the interests of citizens, we want to oblige the paying bank to suspend for two days the crediting of money to the account, information about which is contained in our database. In other words, to introduce the so-called cooling-off period, when the citizen will have time to think about and evaluate the actions being performed. By law, the transfer is made within three business days, so the bank will not violate the rights of bona fide citizens and the law,” Uvarov said.

According to him, if the sending bank receives information from the Central Bank’s database, but does not take it into account and makes a transfer to such an account, it will be obliged to return all stolen funds to the client.

In April, the Central Bank recommended banks to temporarily restrict remote access to the account in case of detection of atypical transactions of clients, information about which is contained in the database of the Central Bank. Previously, transfers that went to the details of droppers were checked and suspended only by the sending bank. Now such checks are also carried out by the receiving bank.