Russian online bank Ozon Bank has launched an insurance product to protect customers’ funds from fraud, reflecting a rise in sophisticated scams targeting consumers, reported Vedomosti.

The service, developed by Ozon Insurance with the participation of insurer SOGAZ, covers theft of funds from bank cards and savings accounts resulting from stolen logins and passwords, deception by phone or online fraudsters, as well as robbery during cash withdrawals. Losses from loans or credit agreements fraudulently taken out in other banks and microfinance organisations are also included.

Monthly premiums range from 99 to 149 rubles ($1.05–$1.60), with maximum coverage of 200,000 rubles. Claims will be processed through Ozon Bank’s customer support chat, and in most cases compensation can be paid without additional paperwork, the bank said.

“Even the most informed users can face fraud – schemes are becoming increasingly sophisticated,” Denis Gavrilov, head of Ozon Insurance, said in a statement. “Our product will help protect customers from the most pressing risks.”

Financial scams are widespread in Russia. A study by the non-profit Dialogue Regions published in June found that 87% of Russians had encountered telephone fraud, with criminals increasingly gathering personal details in advance to tailor their schemes. The central bank has repeatedly warned of rising cybercrime risks, with phone-based scams and fake online banking applications among the most common tactics.