Russia is finally on top of the world! This leadership leaves much to be desired though. According to the analysts of Fico, Russia ranks first in bank credit fraud. The damage evaluations increased by 35% in comparison with the last year’s data. Two years ago this rate was only 6% of the total EU countries' losses. Last year the Russia's damage was estimated at $91 mln. The more people start using cashless transfers, the more fraudsters appear. This year the bank credit fraudulent activity has caused the record €1.5 bln loss. France and Great Britain are also in the top 3.
To date, the gaps in the Russian legislation system give a great amount of opportunities to the swindlers. The current situation may be changed at the beginning of the next year, after the new provision of the On the national system law will come into force on January 1, 2014. This law obliges the payment system operators to return the money to the owner in case it was withdrawn without his approval. These novelties will be reflected in the security system of the operators. The reimbursement term, which will be also regulated by the law, will be 30 days for domestic transactions and 60 days for international ones.