Central Bank of Russia considers expanding self-restrictions to other banking operations unnecessary; 'second-hand' service could be effective

YEKATERINBURG. Feb 19 (Interfax) - The Central Bank of Russia considers implementing new self-imposed restrictions on banking operations to be unnecessary, and the so-called second-hand service could be an effective tool to combat fraud, Central Bank head of the Service for Consumer Protection and Financial Inclusion Mikhail Mamuta told reporters.

"Right now, at this time, I think 'second-hand' could prove to be the most effective comprehensive protection method. It covers absolutely all types of transactions defined by the user. This includes all types of transfers and cash withdrawals, including loans, because a loan is transformed into a transfer," Mamuta told reporters on the sidelines of the Cybersecurity in Finance forum.

Mamuta said that nearly 3 million people have signed up for the "second-hand" service since September 2025. "However, this story about an endlessly multiplying number of self-restrictions seems, in my opinion, a bit excessive. [...] It is probably better to look for more holistic, comprehensive solutions," Mamuta added.

Citizens have been able to activate a "second-hand" service to protect themselves from fraud since September 1, 2025. A relative or friend can be entrusted with control of banking transactions, with the right to confirm or reject money transfers if they appear suspicious. However, an assistant does not have access to the account or the right to conduct independent transactions.

"We do see that the credit self-restriction has actually worked very well. We also have a cooling-off period for unusual transactions, where the bank itself determines that if it sees something unusual, it could slow it down," Mamuta noted. "Inevitably, some, let's say, borderline transactions, which could be categorized as either one or the other from the standpoint of being overly cautious, could be flagged by the machine as suspicious, meaning that they require some kind of suspension. This sometimes leads to innocent people falling under these restrictions. I think this is a lesser evil than when people lose money, because losses are always felt more painfully than temporary restrictions. However what is important, from our perspective, is the banks' pro-activeness and speed in informing what has happened and what one needs to do to lift the restrictions," Mamuta said.

Mamuta recalled that the Central Bank had previously recommended that banks more actively inform clients about the reasons for blocking transactions and how to lift restrictions.