Putin gives instructions to finalize issue of compensation by banks, telecom operators for damages caused by fraudsters

MOSCOW. April 10 (Interfax) - President Vladimir Putin has given instructions to finalize the initiative to introduce compensation by banks and telecom operators for citizens affected by the actions of fraudsters at a meeting with Russian Deputy Prime Minister Dmitry Grigorenko.

Introducing responsibility for banks and telecom operators is provided for in the bill on combating telephone and cyber fraud. It is proposed that this measure be applied if they have not taken action to protect a citizen from a fraudster.

The compensation mechanism is currently being discussed with the Central Bank of Russia, Grigorenko said.

"If information about a fraudster is reflected and is in the information system, in the anti-fraud platform, and in cases where they have this information and, for example, a telecom operator connects a call with a fraudster and then the person is tricked, or if a bank, understanding that such information is in the anti-fraud platform, issues a loan or carries out a transaction, then compensation for damages is automatically shifted either to the bank or to the telecom operator - the one who made the mistake," Grigorenko said when outlining the essence of the initiative.

The bill provides banks and operators with tools to identify fraudulent actions and describes cases where this works automatically. With this initiative, the government is trying to financially motivate banks and telecom operators to protect citizens, Grigorenko said.

Based on the outlined initiative, a bank or telecom operator is considered "an instrument of increased danger, a subject of increased danger, like a car, where all things being equal, the driver is always at fault," Putin said.

"We need to finalize it, of course. But in general, from the point of view of protecting the interests of citizens, this is fair," Putin said.