Central Bank of Russia proposed to oblige banks to return funds stolen by fraudsters

Central Bank came up with an initiative to introduce a fixed amount that must be returned by the bank to the client in case of fraudulent actions against the latter.  The amendment may appear in the law ‘On the National Payment System’.

According to the head of the information security department of the regulator Vadim Uvarov, the key prerequisites for changes are both the need to improve the mechanism for combating this kind of fraud, and the situation for the return of stolen funds. At the moment, the defrauded citizens receive back less than 8% of the lost amounts, RBC reports.

Now the fraud,s in the course of which the victims themselves transfer their card data to the attackers, are widespread. After the fraud the clients lose their money.

This situation, according to the Central Bank, negatively affects the degree of trust both in remote payment services and in the credit and financial system as a whole.

The Central Bank proposes to start solving this problem by introducing a certain amount that the banks will have to return to the clients in a situation where the money is stolen by fraudsters.

But in order to receive money, a person must report what happened within 24 hours from the moment the funds have been debited. The Central Bank of the Russian Federation provides for the return of the entire amount if the bank has a low level of protection against fraud. The initiative is currently under discussion.