Fraudulent websites will be blocked extrajudicially at the Bank of Russia’s initiative over the course of several days. Before that, this procedure could take months. A law to this effect has been signed by the President of the Russian Federation.
Under the new mechanism, the Bank of Russia will submit lists of fraudulent Internet resources to the Prosecutor General’s Office which has the authority to send orders on their extrajudicial blocking to Roskomnadzor. This interaction algorithm will make it possible to promptly restrict individuals’ access to financial pyramid and other fraudulent websites operating on the Internet under the guise of financial institutions.
The new law also entitles the regulator to appeal to court for a restriction of access to resources that spread malicious software.
‘The new law will help reduce financial losses of our people from the activity of fraudsters. Currently, criminals have enough time to deceive a lot of people before access to a fraudulent website is closed. In particular, this practice is characteristic of financial pyramids. The adoption of this law will help change the situation’, noted German Zubarev, Deputy Governor of the Bank of Russia.
Online fraudsters became especially active during the COVID-19 pandemic as people mainly preferred remote services. In 2021 Q1, 124 illegal forex dealers, 85 financial pyramids and 144 illegal lenders were identified. In general, nearly 45% of illegal financial market participants and financial pyramids are Internet-based.
The law is to come into force on 1 December 2021.
p/o Virginie Gastine Menou
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