Under this law, citizens have the right to appoint an authorized person (known as the “Second Hand”) to confirm money transfers, deposits, and cash withdrawals, including via ATMs.

The Central Bank of Russia noted that this step will help protect the most vulnerable groups from fraudsters, especially the elderly, as well as enhance parental control over financial transfers of teenagers, who are often drawn into “money laundering” schemes and used as intermediaries in fraud without realizing the negative consequences.

Starting from September 1, citizens will have a new opportunity to protect themselves and their loved ones from fraudsters. Banking operations can now be delegated to a relative or friend who has the right to confirm or reject cash transfers if they seem suspicious, knowing that the assistant will not be able to access the account or perform independent operations.

The assistant will be granted 12 hours to confirm or reject the operation from the moment of notification. Only the user can activate the “Second Hand” service, with each bank independently determining the activation method. If the user decides to cancel the service, the bank is obliged to cancel it within 24 hours. This “cooling-off” period helps reduce the risk of service cancellation under the influence of fraudsters.

This mechanism covers all money transfers, including those using bank cards, instant payment systems, and cash withdrawals.