A new feature aimed at curbing loan fraud has recently been introduced in Russia, prompting significant reactions and behaviors among consumers and financial organizations alike. Starting March 1, 2025, the self-ban on taking out loans, dubbed "Samozapret na oformlenie kreditov i zaimov," became available on the government portal "Gosuslugi." So far, over 3.5 million Russians have taken advantage of this protection measure, which aims to prevent scammers from accessing loans using stolen personal data.
This innovative self-ban has raised eyebrows within the financial sector. Banks and microfinance organizations (MFOs) have reported instances of people attempting to secure loans even after implementing the self-ban. According to insights from Vedomosti, such actions are deemed by many institutions as signs of consumer extremism.
Leading MFOs are experiencing these unusual loan applications firsthand. Zaymer, for example, noted up to 200 such cases each day, highlighting the notable trend of people disregarding their bans. Sammit, another financial institution, indicated clients with self-bans accounted for about 1-2% of all applications daily. This peculiar behavior raises questions about the motivations behind the attempts, as many consumers try to circumvent restrictions set for their protection.
CEO of Zaymer, Roman Makarov, offered insight, stating, "People are trying to get loans to take advantage of the opportunity not to pay it back." This reveals how some borrowers are attempting to exploit a loophole during the brief interval between when the self-ban is recorded and when it officially kicks in, enabling them to take loans they have no intention of repaying.
Compounding this scenario, Olesya Kiseleva, the managing director of Lime-Zaim, explained, "There is a small time lag between the appearance of the self-ban mark and the actual start of the restrictions." This delay allows borrowers to submit applications for loans before the ban takes effect. Kiseleva added these applicants often pursue loans aggressively across multiple financial institutions aiming for substantial amounts, which is generating increasing concerns among banks for possible fraud.
Despite these troubling trends, the Central Bank of Russia, on March 7, 2025, reported no complaints coming from either citizens or financial institutions related to this new function, indicating initial consumer awareness and compliance. Between March 1 and March 4, around 6,500 individuals managed to lift their self-bans shortly after they set them, demonstrating some might not fully comprehend the utility and limitations of the feature.
Analysts believe many borrowers may attempt to leverage their frustrations against the financial institutions by submitting complaints, particularly if they feel their applications were mishandled or unfairly denied. A significant volume of calls for loans from individuals with self-bans suggests some may be curious about the efficacy of the new regulations and whether their accessed systems can properly handle this influx of requests.
Looking ahead, consumers who wish to remove their self-ban will only be able to do so via the "Gosuslugi" portal until September 1, 2025, whereafter they may have to visit local offices to manage bans on-site. The expectation for many MFOs and banks is to adapt their services continually and improve system capabilities to prevent these loan-seeking behaviors from turning fraudulent.
Though the self-ban is initially seen as beneficial, the implementation has led to mixed outcomes. While it can effectively shield vulnerable consumers from scams, the immediate backlash experienced by financial institutions raises pertinent questions about user behavior and comprehension. This situation will undoubtedly require close monitoring and adjustment as new patterns emerge and evolve over time.
With over 3.6 million self-bans already registered within the service's first few days, the effectiveness and repercussions of this new measure remain to be fully realized. The financial sector must brace for the shifting dynamics of consumer behavior as authorities and institutions seek to safeguard against misuse of such consumer protections.