The bank is obliged to return the money stolen by fraudsters if suspicious transactions are ignored

The bank is obliged to return the money stolen by the scammers provided that it ignored the signs of a suspicious transaction, did not notify its client about it and did not suspend such payment, Marat Safiulin, a federal expert at the Association for the Development of Financial Literacy, told RIA Novosti.

“The money should be returned by the bank provided that it ignored the signs of a fraudulent transaction, did not send a suspicious transaction notice to the client and did not suspend payment for two days,” he said.

The Bank of Russia sets criteria for suspicious transactions, including finding the recipient's account details or information about the device of the transferring regulator in the database, an operation that is atypical for the client, and changing the phone number in online banking 48 hours before a large transfer.

“Currently, the law obliges banks to compensate for stolen funds only if the client notifies the credit institution in a timely manner. The longer the client delays reporting the theft of funds, the higher the likelihood that the bank will prove your negligence and absolve itself of responsibility,” the expert clarified.