Russian Government Unveils Second Package of Measures to Combat Financial Fraud

New Initiatives to Protect Citizens from Scammers

The Russian government has prepared a second set of significant measures aimed at combating financial fraud and protecting its citizens from various types of scams. These new proposals are designed to enhance financial security, particularly in response to the growing problem of fraudulent activities, including those carried out through phone calls and online platforms. The initiatives seek to limit the tools available to fraudsters and provide greater protection and recourse for individuals who fall victim to these schemes.

Dmitry Grigorenko, the Deputy Prime Minister, announced that these comprehensive measures are part of an ongoing effort to strengthen the legal framework against financial criminals. The government recognizes the increasing sophistication of fraudsters and is therefore developing multi-faceted approaches to tackle the issue from several angles, focusing on both prevention and victim support.

Key Proposed Anti-Fraud Measures

One of the central proposals within this new package is the introduction of a limit on the number of bank cards an individual can hold. Under the new rules, citizens will be restricted to owning no more than ten bank cards simultaneously. The rationale behind this measure is to reduce the potential for fraudsters to use numerous cards for illicit transactions, thereby making it harder for them to operate and launder money through the financial system.

Another crucial element of the package focuses on improving the speed and efficiency of reclaiming funds for fraud victims. The government is proposing that banks be given a maximum of 30 days to return money to clients who have been victims of financial fraud. This aims to significantly shorten the often lengthy and complicated process victims currently face, providing quicker relief and reducing the financial burden imposed by scams.

Furthermore, the new measures extend to personal data protection. Citizens will soon have the ability to explicitly prohibit the processing of their personal data through the 'Gosuslugi' public services portal. This initiative empowers individuals with greater control over their sensitive information, making it more difficult for fraudsters to illegally obtain and exploit personal details for fraudulent purposes, such as identity theft or targeted scam calls.

What happens next

These proposals are expected to undergo further review and legislative processes before being fully implemented. If approved, these measures will significantly alter the landscape of financial security in Russia, offering stronger safeguards against fraud. The government's continued focus on this issue underscores the importance placed on protecting citizens' financial well-being and maintaining trust in the banking system.