New rules to protect clients over 60 from financial fraud came into force in Georgia on September 1. Banks will be able to temporarily suspend or reject card transactions exceeding ₾500 if they are related to cryptocurrencies, FOREX, investments, online trading, or gambling.
The restrictions will apply not only to large payments. The bank will also be able to stop a transaction if it seems unusual given the client's usual expenses and financial behavior.
If a payment is suspended, the bank must contact the client, warn them about possible risks, and help them evaluate the transaction. After that, the client will have 48 hours to confirm their decision and authorize the transaction.
At the first stage, the new requirements apply only to bank card operations.
The National Bank of Georgia decided to strengthen the protection of clients over 60 back in April. Relevant changes to the rules for user authentication and consumer protection were introduced by decree of NBG President Natia Turnava.
The main goal of the innovations is to protect a vulnerable category of clients from fraudulent schemes in which elderly people may be persuaded to transfer money to dubious investment, cryptocurrency, or gaming platforms.
