From September 1, microfinance organizations will verify borrowers' details for online loans.

      Starting this autumn, microfinance organizations will have to verify that money from an online loan is transferred to the borrower and not to a third party. To do this, they will compare the first name, patronymic and surname (or the first letter of the surname) of the account or card holder with the details of the person taking out the loan. The check will be carried out through the bank where the account or card is held. The borrower will also be able to provide a certified statement from the Federal Tax Service about their accounts, which will allow them to receive the money more quickly. For customers who have already taken out two or more loans within a year and used the same account or card, no additional check will be required. This was announced by the Bank of Russia. The introduction of the new rules should reduce the number of cases in which fraudsters obtain money using someone else’s documents. To protect themselves further, those who wish can place a self-imposed ban on taking out loans and credits in their name.