Starting March 1, certain microfinance organizations in Russia will begin using biometric identification when issuing microloans online. This was reported by the press service of the Center for Biometric Technologies (CBT) to the RIA Novosti news agency.
The center noted that biometrics, along with identity verification through Gosuslugi, will become an additional measure to protect citizens from financial fraud. According to CBT representatives, the use of biometric technologies completely rules out the possibility of issuing a microloan without a person's knowledge.
At the same time, most online MFIs — more than 240 organizations — will continue to operate under the previous rules until the end of the transition period, which will last until March 1, 2027. During this time, market participants will have to prepare for the introduction of the biometric identity confirmation service.
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