The Central Bank of Russia published results from its review of 338,000 complaints from financial consumers and investors in 2024, reporting a decline in complaints about bundling of additional services and misselling alongside an increase in complaints about cyber fraud and banks blocking accounts and funds transfers. Conduct supervision measures were linked to a 45.2% drop in complaints about banks promoting additional services when offering loans, with fewer complaints in consumer lending. In the microfinance organisation segment, complaints about the additional sale of unnecessary services fell by 2.1 times, while complaints about inaccurate credit history information and fraud declined by 38.7% and 19.1%, respectively, contributing to an overall 22.1% reduction in complaints against microfinance organisations. Cases of misselling more than halved in 2024, following the Central Bank of Russia’s 2023 power to suspend sales where information rules were not met. Complaints against insurers decreased by 30%, mainly reflecting changes to the process for contesting the bonus-malus coefficient in compulsory motor third party liability insurance, after which routine requests to verify the coefficient largely stopped. Cyber fraud complaints against banks increased by 1.8 times, and the Central Bank of Russia pointed to new fraud techniques as a driver. Anti-fraud requirements for banks include blocking cards and online banking access for suspected money mules and suspending suspicious transfers for two days, which coincided with a 2.2 times increase in complaints about blocked accounts and transfers; for most of these applications, banks demonstrated that the accounts were used to deceive people. As a further fraud-prevention measure, the Central Bank of Russia flagged that, from 1 March 2025, citizens will be able to place a ban in their credit history on concluding consumer loan and microloan agreements via the Public Services portal, with access via multi-purpose state and municipal service centres from 1 September 2025.
Central Bank of Russia 2025-02-05
Central Bank of Russia reports fewer 2024 complaints on misselling and bundled services as cyber fraud and account blocking complaints rise
The Central Bank of Russia reported fewer complaints about bundling additional services and misselling, but more about cyber fraud and banks blocking accounts. Conduct supervision reduced complaints about banks promoting extra services, while cyber fraud complaints rose due to new techniques. From March 2025, citizens can ban consumer loan agreements via the Public Services portal to prevent fraud.