In July 2024, a law will come into force in Russia, according to which banks will be obliged to return stolen funds to customers within 30 days of the customer’s request. This was reported by RBC.
The Bank of Russia emphasized that such requirements could affect the low rate of return.
The representative of the Central Bank emphasized that the purpose of such a law is to counter the theft of funds, including through social engineering methods. The innovation provides a set of mechanisms aimed at encouraging credit institutions to improve the quality of their anti-fraud systems.
Ivan Chebeskov, formerly Director of the Financial Policy Department of the Ministry of Finance statedthat banks should share part of the losses suffered by customers affected by fraudsters.
Chebeskov believes that banks should bear partial responsibility for criminal acts committed against their customers. This will not only be fair, but will also encourage banks to be more active in the fight against fraudsters.
Formerly Central Bank of the Russian Federation raised key rate up to 16%.