Russia's new anti-fraud bill introduces 'panic button' for financial security

Russia’s State Duma has passed a new bill aimed at combating fraud and protecting citizens’ finances. The legislation introduces several measures to enhance security for bank users and mobile service subscribers. It now awaits further approval before becoming law. The bill includes a 'panic button' feature on the Gosuslugi public services portal. This allows users to block all remote financial transactions if they suspect unauthorised access to their accounts. The move is part of broader efforts to prevent fraud.

Other measures limit the number of bank cards one person can register to 20. Mobile service contracts must now include the device’s IMEI number, with operators permitted to deny service to those who do not provide it. The law also requires labelling for incoming international calls, giving users the option to block them entirely.

Additionally, parents will be able to notify mobile operators if a SIM card is used by a minor. This ensures access to age-appropriate content only. State Duma Speaker Vyacheslav Volodin emphasised that protecting citizens and their savings from fraud remains a top priority for legislators. The bill has passed the State Duma but still requires approval from the Federation Council and the signature of President Vladimir Putin. Once enacted, these measures will provide new tools for individuals to safeguard their finances and personal data. The changes aim to reduce fraud and improve security across banking and mobile services.