The government of Russia has put forward and submitted proposals to President Vladimir Putin that aim to establish a concrete mechanism for banks to reimburse customers who suffer losses due to fraud. This was reported with reference to the government’s press service and by TASS. The move marks the government and the Bank of Russia meeting Putin’s directive to present viable ideas by July 1. Changes to the federal law titled On the National Payment System are being drafted to strengthen the framework for credit institutions to return funds that were stolen by fraudsters to the rightful account holders.
On the other hand, the Central Bank’s press office clarified that banks must repay the transfer amount if the money was directed to the recipient’s account according to data in the Central Bank’s special On database. This means that transfers made without the customer’s consent are subject to reversal and correction. The proposed document also requires credit institutions to suspend transfers for two days in cases of clearly fraudulent activity. This two-day pause is designed to give victims a window to cancel or stop a payment before it can be finalized, reducing the scope of potential losses.
In spring 2023, industry reports noted a substantial rise in cyberattacks targeting Russian bank customers. The number of incidents increased by nearly six-tenths compared with the beginning of the year, underscoring the growing risk posed by cybercrime to everyday banking operations and customer funds. Financial authorities continue to emphasize the importance of robust security measures and proactive response protocols within banks to protect customers and maintain trust in electronic payments and the national payment infrastructure.
Officials stress that the proposed policy framework seeks to balance rapid recovery of funds with the need to ensure legitimate transfers are not disrupted. By clarifying the responsibilities of credit institutions and establishing standardized procedures for refunds, the government aims to create a consistent, predictable process for resolving fraud-related losses while preserving the efficiency of the national payment system. Banks are expected to implement these rules in a timely manner, with oversight from the central banking authority to monitor compliance and assess effectiveness. This approach aligns with ongoing efforts to strengthen digital financial resilience across the country and safeguard consumer rights in the evolving payments landscape.