THE STATE DUMA IS PREPARING NEW MEASURES TO COMBAT FRAUD

We are talking about a bill submitted earlier to the lower house of Parliament, according to which the Central Bank and the Ministry of Internal Affairs of the Russian Federation will be able to exchange information about banking transactions and accounts allegedly belonging to fraudsters.

The initiative has already passed the first reading procedure with a proposal to amend it. The text is proposed to be supplemented with provisions that banks will be required to check all transactions for the transfer of funds to fraudsters. If there are reasonable concerns, it is proposed to suspend operations for up to 2 days.

This package of amendments was prepared in connection with the disappointing statistics of refunds to bank customers of funds transferred by those to the accounts of intruders – last year only 7% of the total amount of damage was reimbursed.

The current version of the law already contains provisions on the conditions under which banks are required to compensate their customers for losses. However, all these cases require the presence of the bank's own fault, which is not always the case. The new version, which will come into force if this bill is adopted, will establish the obligation of banks (both payer and recipient) to check transactions for the transfer of funds to fraudsters. Banks will have to compare the details of the recipient with the data entered into the database of the Central Bank on accounts allegedly belonging to fraudsters.

If banks perform this duty in bad faith, the law will impose on them responsibility for damage to customers and oblige them to compensate losses in full.

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