A multi-level system of protection against credit fraud will appear in Russia.

According to the plans, new requirements will be imposed on credit and microfinance organizations. In particular, it is proposed to introduce a mandatory “cooling period” for consumer loans of more than 50 thousand rubles, allowing a time interval between the conclusion of the contract and the receipt of funds. For loans from 50 thousand to 200 thousand rubles, it is proposed to establish a pause of four hours, and for loans above this amount – two days. These requirements will not affect mortgages or auto loans if the funds are immediately credited to the car dealer’s account, the regulator’s representative noted.

In addition, it is planned to oblige banks to transmit data on loans granted to the credit history bureau (BKI) within 24 hours. Now this period is up to two business days. According to Guznov, the reduction of data transfer time has already been discussed with banks and BKI and the necessary technical changes are being prepared.

They will also integrate the new citizen protection system with the existing transfer security mechanisms. The authorities agree that this instrument is necessary to protect consumers and its technical aspects are currently being discussed, said Alexey Guznov.

Credit fraud is widespread and anyone can be affected. In this case, different methods are chosen, from a microcredit issued with lost documents to a call from an “employee of the Central Bank.” RB.RU talked about types of credit fraud, popular deception schemes and recommended security measures.