Russia is developing a mechanism allowing victims of phone fraud to…
Russia is developing a mechanism allowing victims of phone fraud to receive compensation from banks or telecom operators if the institutions failed to prevent fraudulent transfers. The proposed rules, part of a second package of anti-fraud measures, would require financial and communication entities to verify suspicious transactions and compensate victims within 30 days (60 for cross-border transfers), with public consultation ongoing until 29 July 2024.
Consensus
- The Russian Ministry of Digital Development has developed a draft regulation on compensating victims of phone fraud.
- The mechanism allows victims to claim compensation from banks or telecom operators if fraudulent transfers were not prevented.
- Compensation must be paid within 30 days for domestic transfers and 60 days for cross-border ones, if the claim is approved.
- If a bank determines it acted correctly, it must refer the case to the telecom operator for review.
- The telecom operator must assess whether it could have detected the fraudulent number and taken action.
- Victims may appeal decisions they disagree with.
- Public consultation on the draft regulation runs until 29 July 2024.
- The measure is part of a second package of anti-fraud initiatives approved in June 2024.
- The regulation will come into force on 1 March 2027.
Points of divergence
- Experts such as Urvan Parfentiev and El'dar Murtazin doubt the practical feasibility of compensation, arguing that banks and operators have no incentive to pay out, and fear new fraud schemes may emerge. — vm
- The project includes a provision for users to set self-imposed restrictions on incoming international calls, though this detail is not mentioned in other sources. — vm
Coverage (7 sources)
- Russia may allow banks to return funds to cyber fraud victims — РИАМО
- Russia may adopt a law on returning stolen funds from fraudsters — Вести
- Russians told when they will be compensated for losses from fraudsters — Вести
- How to get compensation if money was stolen by scammers: instructions for 2027 and chances of recovery — Вечерняя Москва
- Ministry of Digital Development Defines Rules for Compensating Victims of Fraudsters — Коммерсантъ
- Ministry of Digital Development Explains How Banks Can Compensate Victims of Fraud — Вести
- Russia introduces procedure for victims of phone fraud to receive compensation — Интерфакс
Key entities
- Russia
- Moscow
- Ministry of Digital Development
- INTERFAX.RU
- RIA Novosti
- IT 'News'
- Ministry of Digital Development
- Ministry of Digital Development
- Financial University
- Russia
- Alexander Tsiganov
- Evening Moscow
More on Ministry of Digital Development
- 27 Russian Regions May Lose Local Internet Providers
- Russia seeks to save pre-designation books from banned groups
- Russia to Expand 'Alice AI' Access on Devices