Fintech Digest: free transfers in the SBP system, banks' vulnerability to attacks and other news

Today in digest:

• Free transfer of funds between banks that are part of the SBP system;
• The degree of vulnerability of banks to attacks by intruders;
• Financial literacy is growing;
• Cryptocurrencies remain unpopular means of payment.

Translation without commission

Almost all banks connected to the Fast Payment System, launched by the Central Bank, have decided not to charge clients for money transfers. Free translations will be relevant, at least in the first months of the system.

The SBP has been launched in test mode since January 28, and Alfa-Bank is among the banks connected to it.
')
In total, there are currently 12 banks:

1. "Alfa Bank"
2. QIWI Bank
3. Tinkoff Bank
4. VTB Bank
5. Gazprombank
6. Rosbank
7. Sovcombank
8. Promsvyazbank
9. "AK Bars"
10. Raiffeisenbank
11. RNKO "Payment Center"
12. SKB-Bank

There is no Sberbank in the system (so far), since the de facto SBP will be its competitor . But everything can change if the Central Bank still obliges large banks to participate in the SBP.

Some banks have already announced that they plan to introduce a commission in June, but not all organizations connected to the system will do this. Some companies plan to transfer without commission funds that do not exceed a certain amount (6 thousand rubles).

Many banks are not ready for hacker attacks

According to the company Group-IB, about 74% of Russian banks are not ready to seriously oppose hacker attacks. The banks themselves do not agree with this conclusion, since a large number of organizations are constantly improving their methods of dealing with intruders.

The conclusions of Group-IB are based, in particular, on the data on hacker activity from 2018. Then 70% of such activity fell on the banking sector. The remaining 30% was directed to the companies of the fuel and energy complex and industrial enterprises.

Problems with hackers arise mainly from small banks.

However, in our experience, banks from the top 10 are much better protected than small banks, including because they are more common with cyber incidents.

said the head of the computer forensics lab at Group-IB, Valery Baulin.

Digitalization has a beneficial effect on the financial literacy of bank customers

According to most financial organizations, digital channels for managing personal finances, including a personal account on a website or a mobile application, help users of financial services to more intelligently manage their money.

The users of such services themselves (about 80%) also positively relate to digital channels of financial services. They highly appreciate their advantages, including efficiency, availability, transparency. True, digital channels have risks. So, 77% believe that they make financial transactions less tangible, because a person does not see real cash.

Cryptocurrencies have not become a popular means of payment.

According to the experts of Kaspersky Lab, who conducted a study of the popularity of various means of payment, cryptocurrency could not get recognition from users. According to the company, payment of cryptocurrency is lagging behind the popularity of payment by bank cards.

The study indicates that only 13% of Internet users surveyed pay for goods with cryptocurrency, while 81% use bank cards. Cryptocurrency fell behind PayPal. True, experts believe that there is a certain level of demand for cryptocurrency, but it is not high.

The study involved about 12.5 thousand people from 22 countries. By the way, according to some experts, the uncertainty with cryptocurrency harms the economy.