Russian Banks Add a ‘Panic Button’ to Fight Fraud
The new feature lets customers instantly report unauthorized transactions, helping banks freeze funds and accelerate investigations.
Starting in October, thirteen Russian banks have rolled out a new security feature called the “panic button” in their mobile apps and online banking platforms. The feature is designed to help customers quickly flag suspicious transactions, block their accounts, and speed up fraud investigations.
Previously, victims of unauthorized withdrawals had to file a written claim with their bank within 24 hours of discovering the theft. Now, they can submit such claims remotely — directly through the app or website — streamlining the process and cutting response times.
Banks are also required to issue electronic reports detailing the fraudulent transactions. These reports can be sent to law enforcement, while the financial institutions forward the information to the Central Bank of Russia for oversight.
Authorities say the new measures are aimed at strengthening consumer protection and curbing the rise of financial fraud across the country.
