President Vladimir Putin has directed the Bank of Russia and the federal government to establish a unified system to protect citizens from high-tech fraud. The initiative includes measures such as blocking suspicious phone calls, facilitating the return of stolen funds, compensating losses from breaches involving hacked applications, and strengthening penalties for crimes committed using artificial intelligence (AI). These directives were outlined in an official list of instructions following a recent meeting with the Cabinet of Ministers, as published on the Kremlin’s website.
Economist Dmitry Afanasyev views President Vladimir Putin’s initiative to establish a unified system for combating high-tech fraud as a crucial and timely response to the accelerating rise of cybercrime in Russia and globally. According to Afanasyev, the inclusion of measures such as blocking suspicious calls, mechanisms for recovering stolen funds, and compensation for losses due to hacked applications is expected to significantly enhance financial security for citizens.
Particularly significant is the focus on crimes involving artificial intelligence – a highly relevant issue given that fraudsters are increasingly exploiting deepfake technologies, neural networks for social engineering, and automated attack tools. While tougher penalties for such offenses may serve as a deterrent, it is equally important to implement preventive measures, the expert notes. These include enhancing digital literacy among the population, strengthening the security of banking systems, and introducing more stringent identification procedures.
“The main challenge lies in implementation. Effective coordination between the Central Bank, law enforcement, banks, and IT companies will be essential, along with substantial investments in technology. If the system is fast and transparent, it could serve as a strong deterrent for fraudsters. However, it is crucial to avoid unnecessary bureaucracy and strike a balance between ensuring security and maintaining user convenience,” the expert concludes.