The Central Bank included fraud risks in bank card insurance policies
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The Bank of Russia has ordered that the risks of fraudulent write-offs be included in the minimum requirements for voluntary insurance policies for bank cards. Central Bank instructions on minimum requirements to the insurer will come into force on October 1, reported press service Central Bank.
The Central Bank explained that the insurer will be obliged to reimburse the client’s funds written off due to the actions of fraudsters in full, if the amount does not exceed 100 thousand rubles. In this case, the client has the right to set a higher limit of insurance compensation in full. According to the Bank of Russia, the average amount of money written off without the consent of an individual client in 2022 is 15.32 thousand rubles.
It follows from the instructions of the Central Bank that the insurance cannot include cases in which the bank is obliged to return stolen money to clients by law. The insurer is obliged to compensate for the loss from fraudulent activities within 30 days after the incident.
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