Financial Crime World

Russia Takes Step Towards Combating Digital Fraud, But Experts Say More Needs to be Done

MOSCOW - Russia has made efforts to improve its digital security and combat cybercrime, but experts claim that a more comprehensive approach is necessary to effectively tackle the growing threat of digital fraud.

The Growing Threat of Cyberfraud


According to Yuliya Nitchenko, a member of the International Committee for Security of Digital Economy and a lawyer, the number of cases of cyberfraud has increased by over 10 times in the past decade. She emphasized the importance not only of adopting laws against digital crimes but also educating the population about legal issues.

The Role of Notaries in Combating Electronic Fraud


The President of the Federal Notary Chamber, Konstantin Korsik, concurred that the digital format introduces many risks to civil circulation and jeopardizes the protection of personal data. However, he believes that the notary system can provide active assistance to the state in fighting electronic fraud.

The Contribution of Unified Information System (UIS)


Maria Melnikova, Deputy Chairman of the Committee for City Property Management of St. Petersburg, stressed the significant contribution of the notary system to cybersecurity, citing the development of a Unified Information System (UIS) that provides public registries with verified information.

International Cooperation is Key


Experts also highlighted the need for international cooperation to combat digital fraud, as many crimes are committed from abroad. Yury Iutin, Vice- President of the Federal Notary Chamber, pointed out that the probability of forgery of documentation certified by a notary is zero due to the high level of security of the UIS.

Russian Government Efforts


The Russian government has been actively developing its digital security and cyber resilience capabilities in recent years, primarily in the credit and financial sphere. The Bank of Russia has also established strict information security rules for various sources, including remote identification platforms and digital customer profiles.

  • FinCERT: A Special Department for Information Security

A special department called FinCERT was organized under the Central Bank to ensure information security and counter cyber attacks. FinCERT works in several areas, including: + Standardization of cybersecurity + Coordination with international organizations + Promoting “computer hygiene” among the population

The Need for a Comprehensive Approach


Despite these efforts, experts stress that more needs to be done to effectively combat digital fraud. A comprehensive approach at the legislative level is necessary to address this growing threat, which affects not only individuals but also businesses and the entire economy.