The Central Bank will introduce a minimum payment for bank card insurance – Kommersant

The Central Bank (CB) will increase the consumer value of bank card insurance. The relevant requirements are contained in the draft regulatory act prepared by the regulator. His discussion ended on June 11, reported “Izvestia” in the press service of the Central Bank.

According to the document, a minimum refund limit will be introduced in the event of unauthorized debiting of money from a client. The insurer is obliged to compensate the consumer for the entire amount, if the amount of theft does not exceed 100 thousand rubles. In case of a larger theft, the company will return at least this threshold. The changes should come into effect on October 1.

The Central Bank clarified that the company will have the right to establish higher compensation. The coverage will exclude cases when a credit institution is obliged to return the debited amount to the client under the already existing law “On the National Payment System”. According to the regulator, in 2022, the average amount of one theft from an individual amounted to 15.32 thousand rubles. The Central Bank believes that the introduction of minimum limits will help a significant part of insured citizens to count on full compensation for damage.

In November 2022, the Central Bank issued an instruction, which proposed to establish minimum requirements for insurance of bank cards against fraudsters. It was assumed that insurers would be required to cover the risk of transactions using a bank card to transfer funds without the consent of the client and would be able to expand coverage at their discretion. 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, but this only applies to cases when the fraudsters themselves withdrew money from the account.

Laura Keffer