Russia contemplates complete consumer credit prohibition
(MENAFN) The Russian Interior Ministry is exploring a proposal for a complete ban on issuing consumer credit, aiming to shield citizens from increasing financial fraud. Deputy head of the Investigative Department, Danil Filippov, shared the concept during the Positive Hack Days cybersecurity conference in Moscow on Friday.
Unlike existing laws that allow citizens to voluntarily block access to loans, the proposed measure would implement a default credit ban for everyone, with individuals needing to apply for exceptions online or in person. Filippov suggested that if someone required credit, they could easily lift the restriction by clicking a button—after undergoing a verification process involving a series of questions to assess potential coercion or fraud risk.
Over 11 million Russians have already used the current self-restriction feature, according to lawmaker Sergey Boyarsky. While Filippov praised its effectiveness, he argued that a universal ban would be a stronger deterrent against scams.
However, Interior Ministry spokesperson Irina Volk clarified on Saturday that Filippov’s remarks were misinterpreted. She stated that although various ideas are regularly discussed, there are no official plans or legislation being developed to restrict credit access. She emphasized that authorities are continually seeking new methods to fight fraud, particularly in response to growing cases involving remote scams and unauthorized lending.
In 2024, financial fraud caused 27.5 billion rubles in losses from personal accounts, setting a new record, while phone scams accounted for an estimated 295 billion rubles in damages, according to Sberbank and the Russian Central Bank.
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