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Russia imposes financial liability on operators, adds panic button to fight fraud
A new law in Russia limits the number of bank cards and holds operators financially liable in fraud cases. A panic button added to the Gosuslugi platform will allow citizens to instantly block remote transactions.
Russia has implemented a comprehensive new legal regulation to protect its citizens against financial fraud. Konstantin Baharev, First Deputy Chairman of the State Duma Committee on Financial Markets, emphasized the effectiveness of the measures taken.
The law signed by President Vladimir Putin on June 26 limits the number of bank cards a person can have to 20. The same law also gives banks the authority to stop suspicious payments.
Baharev explained that the new regulation imposes a significant obligation on operators. If an operator connects a fraudster's call and a citizen loses money, the operator will bear equal financial liability with the bank. Baharev stated that this will force operators to establish their own protection systems.
The package also includes mandatory labeling of international calls and the ability to self-impose a ban on such calls. Baharev said that with the 'panic button' feature to be added to the 'Gosuslugi' state services portal, citizens will be able to block all remote account transactions with a single click the moment they realize they are being defrauded.
Another measure, effective from July 1, allows banks and microfinance institutions to learn in real time when multiple loan applications are made in a person's name at different locations.
The deputy also emphasized that parents can now officially request the account and card movements of their minor children. Baharev said, 'This is a preventive protection tool. If suspicious transfers suddenly start coming to a schoolchild's card, parents can ask questions in time and protect the child from criminal liability.'
Konstantin Baharev warned citizens that despite all these measures, the best protection is personal vigilance. He advised them not to make hasty decisions when receiving calls from unknown people, to hang up and call their relatives or the bank. Stating that money should not be given to couriers and threats should not be believed, Baharev said, 'Vigilance protects savings better than the best laws.'
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