Tackling Fraud: Temporary Online Credit Regulations Introduced
Uzbekistan
The Central Bank is introducing a temporary regulation aimed at preventing fraud in online lending. This new system will be in effect from November 1, 2024, to April 1, 2025.
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In recent months, there has been an increase in fraudulent activities where scammers used social engineering techniques to apply for online loans in citizens' names via banking apps. So far, 463 cases have been recorded this year, resulting in financial losses amounting to around 15 billion UZS.
Under the new regulation, citizens applying for online loans must undergo biometric identification. Additionally, the credit history of the applicant will be checked twice to detect any fraudulent patterns.
Moreover, during the first 48 hours after a loan is issued, restrictions will be placed on P2P transfers, international remittances, and online currency exchanges. If the customer fails to confirm the legitimacy of the loan within this period, the loan will be canceled and the funds returned to the bank.
Under the new regulation, citizens applying for online loans must undergo biometric identification. Additionally, the credit history of the applicant will be checked twice to detect any fraudulent patterns.
Moreover, during the first 48 hours after a loan is issued, restrictions will be placed on P2P transfers, international remittances, and online currency exchanges. If the customer fails to confirm the legitimacy of the loan within this period, the loan will be canceled and the funds returned to the bank.
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