On 22 May, the National Bank submitted a draft resolution for public discussion that could change the rules of the game in the area of protecting customers from fraud in banks. The main innovation is that in certain cases, banks will be obliged to compensate customers for losses caused by fraudulent transactions.
The National Bank has proposed amendments to key regulations governing the activities of commercial banks, including instructions on bank accounts and operational risk management. The updated requirements concern the creation of a comprehensive anti-fraud system that not only identifies suspicious transactions but also provides for a procedure for blocking transactions for up to 30 days.
Now, if a customer files a complaint about a suspicious transaction, the bank will be obliged to suspend the transaction and conduct an investigation. If it turns out that the bank allowed the transaction to bypass the restrictions, it will have to refund the money. This obligation applies to cases where transactions are made using known fraudulent identifiers (telephone numbers, details, wallet numbers, etc.), which the bank must enter into a special register.
Each bank must now implement a fraud…
