Michaela
With the digital ruble on the horizon, Russia’s Central Bank has unveiled a new CBDC anti-fraud system designed to shield citizens and businesses from scams.
Local news outlet TASS reported that the measures took effect on February 23, in light of a Central Bank decree issued late last year.
Sergei Gavrilov, a member of the Bank of Russia’s National Financial Council, explained that the new measures are designed to secure digital ruble transactions. Under the system, if a financial institution detects signs of fraud, it can pause a CBDC transfer for two days to conduct further verification.
“If the bank suspects that the transaction may be related to fraud, it will suspend it for two days for verification. During this period, the client receives a notification explaining the situation and instructions on the need to confirm their order within the next day,” Gavrilov said.
Gavrilov explained that if customers fail to confirm the verification requests, the transaction will be canceled, leaving the digital coins in the sender’s wallet. This safeguard is designed to help clients sidestep potential pitfalls and protect their funds.
The new measures target commercial, corporate, and B2B clients, mirroring a system the bank introduced last year for peer-to-peer transfers.
The outlet noted that a similar system has been in effect for routine transfers since July 25, 2024. Under this mechanism, banks alert customers when they detect suspicious activity, giving them a chance to reassess and confirm their transactions in light of potential fraud risks.
Gavrilov explained that the move to adopt similar guidelines for digital ruble transactions is driven by rapid technological advancements and a shift toward modern payment methods, necessitating stronger protections for both citizens and businesses.
Reports suggest that the digital ruble will be introduced in phases starting July 1, 2025. Consequently, banks must both adopt cutting-edge technologies and revamp their current security protocols.
“The innovation gives time to analyze the situation, which is especially important when detecting deviations characteristic of fraudulent schemes, where attackers can use uncharacteristic activity, an increase in the number of incoming messages from unknown numbers or other signals indicating an attempt at fraud,” Gavrilov said.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
