Bank of Russia sets minimum requirements for bank card insurance
These voluntary insurance policies will not only protect against the loss of a bank card or damage to it, but also cover other risks, such as fraudulent debiting of funds from the card. The relevant ordinance of the Bank of Russia will enter into force on 1 October 2023.
For such risks, a limit of insurance payout is set in the amount of ₽100,000, and the insurer will reimburse the client’s losses in full within this amount. However, the insurer may provide for a higher insurance payout, in which case the compensation will be limited to this value. According to the Bank of Russia, the average amount of one transaction without the consent of an individual client was ₽15,320 in 2022.
Cases in which the bank is legally obliged to return stolen funds are excluded from insurance coverage.
The insurer must settle the loss within 30 days after receiving a claim from the affected client.
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