In 80% of cases, fraudsters withdraw stolen funds through mobile payment systems for contactless payments, as well as through transfers between the victim’s accounts, said Deputy Chairman of the Board of Sberbank Stanislav Kuznetsov at the XXI International Banking Forum.
“Fraudsters are coming up with new mechanisms that we need to break. About 80% of thefts now occur using me2me transfers or linking the attackers’ tokenized cards to contactless payment applications,” he said.
Kuznetsov noted that in order to combat these schemes, it is necessary to introduce limits on transactions using tokenized cards.
“As for me2me transfers, they have a low risk level, and bank anti-fraud systems let them through. Therefore, it is necessary to review the current standard of risk indicators for transfers between your accounts,” he said.
According to Kuznetsov, recipient banks should pay special attention to cash withdrawal transactions if the client has recently transferred funds to an account from another bank.
Kuznetsov also recommended that bank clients end the conversation if the other person offers to install an application or make a transfer to another account.