MOSCOW, March 29 The Bank of Russia received 45.1 thousand complaints about microfinance organizations (MFOs) in 2023, with the most pressing issue being registration of loans by fraudsters — the number of such complaints increased by almost 44%, according to the annual report of the Central Bank.
«In 2023, the Bank of Russia received 45.1 thousand complaints against microfinance organizations. The most pressing issue was the issue of loans issued by fraudsters on behalf of applicants: over the year the number of such complaints increased by 43.9%,» the document says.
The report states that to combat fraud, the basic standard for MFOs has been supplemented with requirements for verifying client data when issuing online loans. As a result, the number of cyber fraud complaints began to decline, with 34.1% fewer complaints received in the fourth quarter than in the first quarter of 2023.
The regulator notes that based on the results of behavioral supervision in 2023, five pseudo-products and services were excluded from MFO product lines. Six microfinance organizations were excluded from the state register for violations.