The Central Bank is introducing a temporary procedure aimed at preventing suspicious fraud operations related to bank cards during the process of online credit allocation to individuals by credit institutions effective immediately.
This regulation will be in effect from November 1, 2024, to April 1, 2025.
According to it, citizens are now required to undergo biometric identification when submitting applications.
This requirement allows verifying the applicant's identity and ensures the application was submitted personally by them.
Under the temporary regulation, credit institutions will check the applicant's credit history in the credit bureau's database in two stages (after the application is received and before the credit funds are allocated).
If the check reveals a negative credit history or a sharp increase in debt load, including cases where several credits were formalized in a short period leading to a significant increase in debt load, the allocation of the credit may be denied or adjusted to a different amount.
This will prevent the allocation of credit funds in the name of citizens who have fallen victim to fraud by multiple credit institutions.
Additionally, when a citizen obtains an online credit for the first time through a credit institution's mobile application, either by registering a new account or logging into an existing account from another device, restrictions will be set for 48 hours from the allocation of the credit on transactions from the credit account to P2P operations, transfers to individuals' accounts and electronic wallets, mobile phone top-ups through telecommunications operators, international money transfers, and online currency exchange operations.
To remove these restrictions, the client must call the phone numbers mentioned in the SMS sent by the credit institution within 48 hours and inform them that the credit was obtained without fraud influence. A credit institution employee will then reconnect with the client to verify the provided information and carry out additional confirmation.
The aforementioned restrictions do not affect operations such as cash withdrawals by the citizen at their discretion or payments for goods and services, which can be carried out without any restrictions.
If the credit funds transferred to the citizen's bank card are not spent within 48 hours, and the application for the credit was found to be made under the influence of fraudsters or the client fails to undergo additional confirmation, the credit agreement will be terminated by the credit institution, and the allocated funds will be returned to the account of the credit institution.
