NBU is preparing to limit money transfers from card to card

NBU is preparing to limit money transfers from card to card

The National Bank has not abandoned plans to limit p2p card payments to combat the scheme of “droppers” - people who, for a reward, provide attackers with access to their bank cards and accounts. This issue is currently being discussed.

This was announced by the head of the National Bank Andriy Pyshnyi. He noted: the goal of the regulator is to ensure that its policy “is as clear as possible.”

“The phase of discussing this issue with volunteers continues. The team is now at the second iteration of discussion with the volunteer community, we are collecting their positions. We will, hopefully, next week for the next meeting,” the message says.

What is the essence of the problem

Drops are people who, for a reward, provide attackers with access to their bank cards and accounts. Such means of payment are used as transit funds for making transfers of different amounts between other accounts. Criminals need this in order to mislead victims, “confuse their tracks” and complicate the work of law enforcement officers when investigating crimes.

Funds passing through the drop account can be obtained through criminal means, in particular trafficking in drugs, people, weapons, etc. Drop accounts are also often used to evade taxes and move money stolen from other people’s accounts.

"Money mules" can be attracted on an ongoing basis - when he himself transfers the received funds to where they are told, leaving a certain percentage for himself, or "one-time" - when the drop transfers the bank cards issued to him, including PIN codes and access to the web, for a one-time fee -banking.

Ukrainians have limits on money transfers between cards

Previously, Ukrainian banks began to set limits for money transfers from card to card in order to counteract fraud and money laundering. Not only the amount of transfers is limited, but also the number of transactions. However, these limits vary depending on the financial institution.

In particular, the main limits on transfers between individuals at PrivatBank are set at different levels depending on whether the client receives or sends money. However, in any case, the transfer is limited to UAH 29,999 per payment.

The limit on transfers between individuals in Monobank was set as follows:

• you can transfer up to 60 thousand hryvnia to a Ukrainian bank card in one transaction; limits on the number of transactions: per day - 50 pcs., per 4 days - 100 pcs., per month - 150 pcs. The maximum amount that can be transferred per month is determined by the limit of payment systems: MasterCard - no more than the equivalent of $10 thousand at the NBU rate, Visa - no more than the equivalent of $25 thousand at the NBU rate.
• for P2P transfers to foreign cards, you can transfer up to 30 thousand UAH in equivalent in one transaction, but not less than 1 USD/1 EUR/1 UAH; 5 such operations per week and 10 per month are allowed;

• for transfers abroad via SWIFT, the NBU limit on investments abroad applies; transfers within this limit are carried out with supporting documents: the amount of transactions should not exceed 200 thousand euros per calendar year.