Cooling-off period should be introduced for loans due to fraudsters

© Photo: Maria Novoselova/ Vestnik Kavkaza

There is an increase in credit fraud in Russia. A cooling-off period could help improve the situation, Nabiullina says.

As part of the fight against the increasing frequency of credit fraud in Russia, a cooling-off period could be introduced for all loans, head of the Central Bank Elvira Nabiullina said.

"We have introduced a cooling-off period for transfers, and we see that it works. As we see how credit fraud is growing, I am convinced that a cooling-off period should be introduced,”

– Nabiullina said.

The head of the Central Bank also added that a cooling-off period should be introduced for all loans, and not just for those where signs of fraud are detected.