In July 2024, Russia will implement a new law requiring banks to return stolen funds to customers within 30 days of a customer’s request. The news was reported by RBC and has since drawn attention from financial observers.
Officials at the Bank of Russia have noted that the rapid return requirement could influence overall recovery rates, potentially affecting the speed at which customers reclaim losses.
A representative from the Central Bank explained that the primary aim of the new law is to deter fund theft, including schemes that rely on social engineering. The reform introduces a package of measures designed to push credit institutions to strengthen their anti-fraud systems and improve detection, response, and recovery capabilities.
Ivan Chebeskov, who previously led the Financial Policy Department at the Ministry of Finance, argued that banks should share part of the losses incurred by customers who fall victim to fraudsters. He suggested that banks bear partial responsibility for criminal acts affecting their clients, a stance that could incentivize stronger protection and faster action against fraudsters.
There has also been discussion about the Central Bank’s earlier stance on monetary policy, including commentary related to the policy rate during recent periods.