Uzbekistan is implementing new regulations to enhance the security of microcredit processes. According to the system introduced by the Ministry of Finance, after one loan is issued to a borrower, the ability to submit new applications across all banks will be blocked for 24 hours. This measure, termed a 'protection period,' aims to curb schemes where fraudsters simultaneously obtain multiple loans under one person's name.
The process of obtaining an online microcredit now involves several mandatory verification stages. The lending organization must first cross-check the applicant's data with the Register of Persons Who Have Prohibited Credit Receipt. If the individual is listed, the process is immediately halted, and the citizen receives an SMS notification stating the reason for denial. If no restrictions exist, the bank proceeds to assess creditworthiness by sending a request to credit bureaus.
Under the new rules, if multiple banks submit requests for the same individual simultaneously, credit bureaus will respond only to the institution that applied first. If that bank confirms the loan issuance, other financial institutions will be unable to send requests regarding that client for the next 24 hours. This temporal barrier serves as an additional safeguard against potential fraudulent operations.
To increase transaction transparency, the bank is required to send the client a PUSH notification or SMS detailing their current total debt and the full cost of the new microcredit before the final transfer of funds. At this stage, the user retains the option to cancel the application. A critical security milestone is the mandatory remote biometric identification – the bank must conduct this immediately prior to transferring the money.
Additionally, all credit and payment organizations must integrate a special section titled 'Report Fraud' into their mobile applications. This form will enable victims to promptly submit data on incidents, including the damage amount and circumstances, allowing banks to respond more swiftly to fraudulent activities. These measures are designed to establish a comprehensive security system in the digital financial services sector.
Source: podrobno.uz