Insurers were shown real risks
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At the initiative of the Central Bank, insurers will be required to include in the coverage of bank card insurance policies against fraudsters the risk of transferring funds without the consent of the client. At the same time, situations in which the bank must make the payment will be excluded from the list of risks. However, experts warn of a possible rise in prices and a decrease in the popularity of this type of insurance.
The Central Bank proposes to establish minimum requirements for insurance of bank cards against fraudsters. Thus, insurers will be required to cover the risk of transactions using a bank card to transfer funds without the consent of the client and will be able to expand coverage at their discretion, follows from the draft guidance published by the regulator. In addition, it is proposed to distinguish between the cases of liability of the bank and the insurer, excluding from the insurance coverage situations in which the credit institution is already legally obliged to reimburse the client for the amount of the transaction.
According to Art. 856 of the Civil Code of the Russian Federation, in the event of unreasonable debiting of funds from the client’s account, the bank is obliged to pay interest on this amount. However, this only applies to cases where the scammers themselves withdrew money from the account.
At the moment, the so-called anti-fraud insurance of the consumer practically does not protect, says Evgenia Lazareva, project manager of the ONF “For the Rights of Borrowers”. They work only if the client has taken all the security measures: he hasn’t shared SMS codes with anyone, he hasn’t given his CVV and card number, he hasn’t installed unknown services, he hasn’t lost access to the app and phone, and the debit was due to the fault of the bank’s employees or, for example, when bank system hack. “But such cases are quite rare,” Ms. Lazareva emphasizes. “If a consumer, under the influence of social engineering methods, installed something on his device, told someone a code or provided payment information on the phone, then this is not an insured event.”
Despite the low efficiency, bank card fraud insurance programs are popular among customers. For example, the VTB Group recently reported that such programs accounted for more than a third of the total amount of issued insurance for nine months (more than 250 thousand policies). However, this popularity may be artificial. It is not uncommon for banks to impose such programs on cards being reissued or reissued (see Kommersant dated September 9, 2020). And in the second quarter, according to the Central Bank, a historical record for the issuance of cards was set in Russia (see Kommersant dated September 5).
Interviewed by Kommersant, insurance companies (IC) did not disclose data on the number of bank card insurance sold against fraudsters. At the same time, almost all ICs that are part of banking groups offer card and financial insurance programs. The range of the cost of such a program and the maximum sums insured ranges from 490 rubles. up to 12 thousand rubles per year with the sum insured from 25 thousand to 3 million rubles.
At the same time, insurers are not inclined to panic because of the Central Bank’s innovation. Clarification of the content of the card insurance product will have a positive impact on the product itself and should reduce the number of misunderstandings during its sale, VSK noted. According to the vice-president of the All-Russian Union of Insurers Viktor Dubrovin, it is worth paying attention “to the problems of law enforcement practice.” So, for example, there are legal requirements for the need to confirm an insured event, and on the other hand, there are certain issues with initiating criminal cases on the fact of illegal write-offs of small amounts (and this is 80% of cases) from the card or on the fact of the theft of the phone, etc. , he explains.
However, experts warn that after a change in the composition of the covered risks, the cost of the policy may increase and the popularity of this product may fall. “It can be assumed that if the product covers real risks and practically does not contain any exceptions, then the loss ratio on it will increase,” explains Alexei Yanin, managing director for ratings of insurance and investment companies Expert RA, “as a result, either banks will have to agree to lower commissions on products, but then bank managers will no longer be so interested in selling it, or insurers will have to raise tariffs, and then the number of bank customers who want to purchase this product will decrease.”
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