Ukrainian banks to be obliged to refund fraudulent charges: NBU

The National Bank of Ukraine (NBU) plans to oblige Ukrainian banks to refund, at the request of clients, the money written off by fraudsters from bank cards no later than the next business day.

"After a client's report, an issuing bank must return the balance of his or her bank account to the level fixed before such transaction no later than the next business day (except when the bank has reason to consider the client's actions were illegal with a subsequent report to law enforcement agencies)," the NBU said on its website with reference to a draft resolution made public for discussion.

Read alsoNumber of payments with mobile apps grows by half – PrivatBank

However, fraudulent charges will not be refunded if the bank proves that the illegal actions were the result of a card holder's action or inaction, including the disclosure of information enabling the transaction.

What is more, the bank will not be able to refund 20 sums of a citizen's non-taxable minimum income, which is about UAH 350 (US$13.3) if the transaction was handled with the use of a lost or stolen bank card or its details, and its holder reported such a loss only after the charge.

The NBU says that all comments and suggestions regarding the draft resolution will be accepted until June 17.

UNIAN memo. The share of fraudulent operations with payment cards in 2018 increased to UAH 92 (US$3.5) from UAH 77 (US$2.9) per UAH 1 million (US$37,940) in 2017.