PrivatBank and other Ukrainian banks are requiring customers to complete multi-level verification calls with operators before sending money to third-party card accounts.
During a transfer of several thousand hryvnias through the Privat24 application, the system prompted a UNIAN correspondent to call the bank hotline for confirmation. The call disconnected automatically, the bank called back, and an operator verified the customer's full name, date of birth, and passport issuer before asking for verbal confirmation of the transfer.
The operator asked whether the sender had shared card details or PIN codes with third parties, followed an internet link to complete the transaction, or conducted online trade. The operator did not ask about the target purpose of the funds. The operator said the checks stem from an increase in fraudulent schemes rather than new National Bank of Ukraine requirements, adding that phone verifications are not permanent and can occur even for a transaction of 1 hryvnia.
Verification criteria and financial monitoring
Financial analyst Andriy Shevchyshyn told UNIAN that banks flag operations that are uncharacteristic for a card owner, such as tuition payments, purchasing goods, or debt repayments. Shevchyshyn said banks maintain financial monitoring procedures with a general critical threshold of 50,000 hryvnias per month, though smaller unusual transactions can also trigger checks.
Shevchyshyn explained that the National Bank of Ukraine expanded its list of suspicious transactions to combat tax evasion, money laundering, and money mules who lease their cards to criminal networks. He noted recent news regarding potential criminal liability for giving bank cards to other persons.
Shevchyshyn emphasized that genuine verification occurs after a customer calls the bank hotline, warning that unexpected incoming calls claiming to be from a bank could be fraudulent. He advised clients never to share code words or card information over the phone.
Measures against money mules
The heightened controls follow widespread concern over money mules, who are individuals renting out their bank cards for a small fee to let others use them illegally. Banks and regulators are strengthening measures against the practice.
In May, the National Bank of Ukraine sanctioned one bank and nine non-bank financial institutions for violating financial monitoring and currency legislation. Two of the non-bank financial companies received the highest fines of 135.15 million hryvnias each.
