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Russia's Banks Oppose Mandatory Transaction Verification via MAX Messenger as Government Pushes
6 articles |
Updated 5h ago |
Created 16h ago
Russian banks have strongly criticized the government plan to mandate confirmation of "significant" financial transactions through a new messaging app called Max, with banking unions arguing that such measures will disrupt their business and increase costs without adding value. Industry representatives are urging officials to abandon this requirement entirely rather than forcing compliance on institutions already burdened by existing verification protocols like SMS codes or MAH (Mobile Application for Home).
Key Points
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1Russian banks are criticizing the proposed mandatory requirement for users to confirm financial transactions via a messaging app called MAX.
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2The banking sector argues that this new confirmation method creates unnecessary administrative burdens and operational inefficiencies compared to existing SMS verification systems.
Developments
March 25, 16:17
Russian citizens are being required to confirm financial transactions through the MAX messenger; banks have opposed this measure.
March 25, 08:49 (approx)
Banks criticized mandatory SMS and MAH confirmation for all types of transaction verification methods in Russia. Note: The provided article timestamp is March 13 but content refers to the same event as other articles on Mar 25.
Perspectives
Russian citizens are being forced to confirm financial transactions through the MAX messenger.
— [Mar 25, 16:17] Россиян заставляют подтверждать финансовые операции через Max. Банки выступили против (Meduza)"Banks have criticized and rejected this idea of confirming operations via a messaging service," said Alexander Shcheglov.
— [Mar 25, 08:48] Banks Criticize Mandatory SMS and MAH Confirmation for Transactions (Habr)
Через Max обяжут подтверждать «значимые» денежные операции. Банки выступили против
Novayagazeta.eu
8h ago