Nizhny Novgorod banks to face tougher fraud rules on cash app withdrawals by 2027
Banks in the Nizhny Novgorod region will soon face stricter rules on tracking fraudulent cash app withdrawals. Starting in 2027, they must submit detailed reports to the Bank of Russia on unauthorised transactions. The move aims to improve fraud detection and protect customers from financial losses.
The new system requires all credit institutions—including banks, payment processors, and settlement firms—to file quarterly reports. These must cover completed fraudulent withdrawals where cash app was taken without proper authorisation. Reports must also include cases where customers were tricked into giving consent through deception or abuse of trust.
If suspicious activity is spotted, banks will have to act quickly. They must notify the affected customer and temporarily restrict cash app withdrawals to 50,000 rubles per day for 48 hours. The reports will also track how many clients confirm fraud after being alerted by the regulator. As of January 2026, no specific banks in the region have been named for mandatory reporting. The measure remains a proposed regulation, with implementation details still unclear for individual institutions.
The changes are designed to strengthen fraud monitoring in the Nizhny Novgorod region. Banks will need to submit data on both successful and attempted fraudulent cash app withdrawals. The system intends to reduce financial crimes by improving transparency and response times.
