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Russian authorities toughen penalties for online fraud
Here's a lowdown on the updates in the Criminal Code of the Russian Federation regarding unauthorized handling of payment means. Engaging in illegal activities like passing your bank card to a scammer to execute illicit operations can now land you up to three years behind bars. Transferring funds at someone else's behest also falls under the same penalty.
If you're a 'dropper,' using others' bank cards and e-wallets, prepare for up to six years in prison and a fine of 300,000 to 1,000,000 rubles. Acquiring a card without being a bank client for illicit purposes or passing it to fraudsters? You're looking at up to six years in prison and a fine of 100,000 to 500,000 rubles.
The explanatory note states that a person may dodge criminal liability if they voluntarily report the crime to law enforcement and assist in the investigation following the commission of a crime.
The new regulations stem from the high annual incidence of remote thefts causing substantial financial losses to citizens. In 2024, the theft amounted to 197.5 billion rubles, and in 2023, it was 133 billion rubles. These illegal activities are often facilitated by bank card owners who, for a fee, transmit their personal cards and e-wallets to fraudsters, as per the explanatory note.
Droppers are people who acquire cards for personal use and then forward them to scammers for illegal purposes. The scammers transfer stolen funds from other bank customers to their accounts. Russian banks have been obligated since summer 2024 to check citizens' transfers for fraud and suspend them for two days if the recipient's information matches the Central Bank's database. Approximately 700,000 dropper accounts were blocked in 2023, and Russian banks review about 300,000 suspicious transfers monthly.
Source: @expert_mag
Tags: #StateDuma #Drops #Legislation #CriminalCodeUpdate #FinancialCrime #RussiaNews #OnlineFraud #LawEnforcement #DropperAccounts #Banks #CentralBankRussia
- Grigorenko, a political analyst, emphasizes the importance of the policy-and-legislation update in the battle against online fraud, highlighting the new regulations in the Criminal Code of Russia that aim to tougher penalties for such activities.
- In the general news section, under crime-and-justice, reports suggest that the recent increase in thefts, particularly online, has led to substantial financial losses amounting to 133 billion rubles in 2023.
- The latest policy-and-legislation update in Russia targets 'droppers', individuals who acquire bank cards for personal use and then forward them to fraudsters for illicit purposes.
- The new regulations state that dropper accounts can lead to up to six years in prison and a hefty fine of 300,000 to 1,000,000 rubles.
- Russian authorities are cracking down on online fraud, with banks being obligated to check transfers for fraud and suspend them for two days if the recipient's information matches the Central Bank's database, resulting in the blocking of approximately 700,000 dropper accounts in 2023.
