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The National Bank of Belarus is tightening measures to combat fraudulent transactions. From July 1, banks will be required to comply with unified standards for anti-fraud systems. Deputy Chairman of the National Bank Board Andrei Kartun outlined the new measures.
“Banks will monitor where you log into mobile banking from, for example, and what transactions you usually use. Many of you may already have noticed that banks have introduced this system. For example, if you always logged into the system in Minsk from your mobile device, and then suddenly someone starts logging in from abroad five minutes later in parallel, this is a suspicious transaction. It immediately raises suspicions.
The same applies to cards. If you normally use five cards, for example, and then suddenly start using other cards or opening new ones, this is also suspicious.
Another important and somewhat controversial measure is the introduction of a so-called digital fingerprint into the system. This includes geolocation data, meaning banks will record which device you are using, with which IMEI number. For example, if you have linked your card or mobile banking to your iPhone or another device, and then suddenly start logging in from a different phone, the system will immediately enter a red alert zone and begin treating the transaction as suspicious”, he said.
According to him, one of the most popular ways of withdrawing stolen funds is through cryptocurrencies. A new barrier has also been introduced in this area.
“We have essentially brought all banks and crypto residents under one condition: one client, one account and one card. This means that you cannot make a transfer to someone else’s card. Therefore, if you want to operate on the crypto market, you must transfer money only from your own card and withdraw funds only to your own card”, he added.
A cooling-off period for receiving loans has also been in force since November. Loans are no longer approved immediately. Clients are given up to 24 hours before the loan is finalised. Potential borrowers must also sign a document confirming that they have been informed about common types of fraud and that they are not under the influence of scammers.