Lawyer Sergei Haustov noted that banks often become conduits through which citizen funds are exposed to criminal actions, and that the primary burden of responsibility tends to rest on customers. He stated, in NSN’s press center, that the share of funds returned to fraud victims remains very small and difficult to secure, even in clear cases of wrongdoing.
Refunds from banks are described as extremely rare, a conclusion Haustov attributes to judicial rulings that have shaped outcomes in past cases. This sentiment reflects the ongoing tension between victim restitution and the complex processes involved in bank disputes.
All the risk in loan relationships is shouldered by borrowers who apply for credit. If they fall victim to scammers, they may face debt or even bankruptcy. In the bankruptcy scenario, housing plans often stall because the borrower loses the ability to borrow in the near term, potentially for several years, complicating efforts to secure new housing funds.
Haustov also discussed a statistic claiming that roughly 20 percent of fraud crimes are recorded at the conviction stage. He noted that the figure can shift as hearings unfold and that many criminals operate beyond Russia, which affects how these crimes are tracked and prosecuted.
Russian President Vladimir Putin recently signed a law aimed at protecting citizens from financial fraud. The legislation introduces a cooling-off period for consumer loans, and if a creditor fails to comply with anti-fraud safeguards, debtors may be exempt from credit obligations. Banks and microfinance institutions are now required to introduce delays in loan disbursements: a minimum of four hours for loans in the range of 50,000 to 200,000 rubles and at least 48 hours for loans exceeding 200,000 rubles.
Elvira Nabiullina has previously warned about risks associated with phone security and the need to monitor accounts for suspicious activity. Her comments underscore the broader emphasis on safeguarding personal banking information as part of the country’s fight against financial fraud.