Experts question the effectiveness of the anti-fraud law
The cooling-off period for loans, in their opinion, will not solve the problem of frauds, but will limit all borrowers
The Federation Council has approved a law on the introduction of a so-called “cooling-off period” before issuing consumer loans in order to combat fraud. Borrowers will have to wait from several hours to several days to receive a decision on their application. Experts questioned the effectiveness of the measure: “People just won't come out of this cooling period cooled, they'll be just as the same warmed up by illusions," but they generally approved of the initiative. Read the details in the material of Realnoe Vremya.
“It is important to keep our citizens safe”
According to the new law, consumer loans from 50,000 to 200,000 rubles in Russia will be available in no earlier than four hours, and larger amounts — in two days. This “cooling-off period” will protect citizens from fraudsters “who force Russians to borrow an impressive amount of money," State Duma Speaker Vyacheslav Volodin is convinced. The Duma has passed the law in the third reading this week, and then the Federation Council approved it.
These are only the first systematic steps in protecting citizens from fraud, explained State Duma deputy from Tatarstan, member of the Duma Committee on Budget and Taxes Airat Farrakhov. A large package of laws on this topic is expected in the near future, and a corresponding working group has started working in the Duma.
“We will force banks to look at where a citizen plans to transfer money”
The law is designed to protect citizens from financial fraud. In addition to that borrowers will have to wait a certain amount of time before receiving money, banks and microfinance institutions are required to verify transactions and the recipient of funds.
“A person manipulated by fraudsters took out loans and immediately transferred the money to them. Now we will force banks to carefully look at where a citizen plans to transfer money to and to whom — what kind of person this is. And even if there are three intermediary companies involved, the borrower should receive this information so that they can go through the so-called cooling-off period. So that a person who is drugged by some kind of conversation can actually make a decision himself, that is, in this situation, a second key appears," Farrakhov explained.
In addition, banks will be required to limit the deposit of money to the account through a tokenized (digital) payment card in the amount of more than 50,000 rubles within 48 hours from the date of card issuance, since this is the method most often used by scammers. This requirement applies to all credit institutions, including MFIs. In this case, the lender, the owner of an ATM or other device through which cash is deposited, is obliged to immediately notify the client of the reasons for the refusal.
“Banks and microfinance organisations will have to participate in this process. We are waiting for a large package of documents from the government, and overall this is a huge request. I have encountered such people many times myself, and I try to help them, but our task as legislators is to prevent this situation. Our people are very trusting and compassionate, and scammers take advantage of this situation, unfortunately. We will constantly work on this topic," the parliamentarian stressed.
“Maybe the law won't work properly”
Interestingly, the Central Bank will be able to change the requirement for the cooling-off period or not apply it at all for bona fide creditors who are already implementing anti-fraud measures. The regulator will set criteria for evaluating such activities.
Vladimir Putin instructed the government and the Central Bank to take a closer look at the problem of fraud in October 2024. The president set the task to create a mechanism for cooling loans to prevent theft of citizens' funds. During the same period, the Bank of Russia sent a proposal to the Ministry of Finance to introduce a “cooling-off period” for consumer loans.
Later, during a live Q&A session, a pensioner from Kazan shared her story with the head of state, revealing how she fell victim to fraudsters. Putin again pointed out the need to scale up the timing of loans. The law is expected to enter into force on September 1, 2025.
At the same time, the expert recalled that the procedure for receiving cash from the bank is already complicated. In order to take out more than 1 million rubles, the client must order this amount in advance, usually several days in advance. “This is already a certain sequence of actions, a person is aware of what he is doing, namely, taking his money. That is, there is already a rather long procedure for receiving funds," he said.
“We can't protect everyone, it can lead to absurdity”
“Most likely, we overestimate the positive impact of this bill. People simply will not come out of this cooling period cooled, they will be heated by illusions just as the same, that is, the madness will not go away. Secondly, the procedure for receiving money is being lengthened — this will affect all cases when citizens take out loans. Whether you're buying an apartment, a car, or you need money urgently, you'll have to wait. Will those apartments or cars leave during this time? That is, there may be a negative impact of the law when it is adopted," the expert noted.
“Relatively speaking, the flight is cancelled, you need to buy a ticket, there is no money and you need an urgent loan. Or you need to urgently re-credit from the point of view of some super profitable purchase, make a deposit," he gave examples that many citizens may find themselves in. At the same time, they will be deprived of the opportunity to quickly solve their financial problem in the bank, even being bona fide borrowers and not dealing with fraudsters.
“The very principle — we will think everything out for you, we will protect you — does not guarantee anything at all. This is very convenient from the point of view: we are protecting you, but here we need another law that you may not like very much, but in general we take care of you. Therefore, I have doubts, we cannot protect everyone, we can reach the point of absurdity," Kamalov concluded.
