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Financial pyramids as a challenge for state and municipal governance: detection issues

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The large-scale proliferation of financial pyramids in the digital environment threatens the stability of the Russian financial market and undermines public trust in capital-market institutions. According to the Bank of Russia, the number of entities exhibiting pyramid-type features has increased nearly 25-fold over the past decade, exceeding 5,500 cases in 2024 alone. The high adaptability of fraudulent structures–coupled with their use of cryptocurrencies, social networks and anonymous payment services–renders traditional supervisory tools largely ineffective. In this context, state and municipal authorities become the pivotal layer of prevention: they shape normative barriers, implement financial-literacy programmes and coordinate inter-agency cooperation with Rosfinmonitoring and the Bank of Russia. Simultaneously, advances in Big Data and artificial-intelligence technologies offer fundamentally new opportunities for the early detection of suspicious transactions and the swift disruption of illicit cash flows. Consequently, the search for effective governance solutions to improve the identification of financial pyramids acquires particular urgency, thereby underscoring the relevance of the present study.

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