Banks implement new transfer limits to combat cybercrime

Banks are facing new security recommendations and regulations to combat a global rise in cybercrime and account theft. The Russian Ministry of Internal Affairs has issued a package of recommendations to the banking sector, suggesting technical barriers and strict limits on online transfers made via mobile applications during nighttime hours when users are most vulnerable.

These proposed measures in Russia include daily and monthly caps on instant transfers made via phone numbers and cash withdrawals. Additionally, enhanced security protocols are recommended for accounts that have been inactive for long periods or hold high balances, as these are primary targets for fraudsters.

Similar security frameworks are already active in Turkey under the Banking Regulation and Supervision Agency (BDDK). These include transaction limits through the FAST infrastructure and additional verification layers, such as NFC and chip-based ID authentication, for high-value or risky transfers conducted between 22:00 and 06:00.