Issue of microloans online to become more secure

In particular, it is recommended to verify the validity of an applicant's passport, the authenticity of the photograph in the document, credit history information, and that this is a passport holder who uses the account and telephone number indicated in the application rather than fraudsters. The standard provides for ten verification methods in total. MFOs will be obliged to use at least three out of them.

Also, new requirements are introduced for cooperation between MFOs and their agents. The document specifies that only MFOs are entitled to make decisions to issue loans and to actually issue them.

The standard has been approved by the Bank of Russia and will come into force three months after its publication on the regulator's website. Self-regulatory organisations (SROs) will monitor MFOs' compliance with the standard, while the Bank of Russia, in turn, will control SROs.