Financial Market Regulatory Agency responded to the Supreme Court's proposal

Tengrinews.kz – The Agency for Regulation and Development of Financial Market responded to the Supreme Court’s proposal to write off loans to Kazakhstanis who have become victims of Internet fraudsters.
The agency noted that on June 19, the Head of State signed a law on minimizing risks in lending and protecting the rights of borrowers, according to which, from August 20, banks and microfinance organizations are required to stop making demands on a client based on a court decision that has entered into legal force, which establishes the fact of a loan being issued fraudulently without the participation of the client.

"Currently, the Agency for Regulation and Development of Financial Market has already established requirements for the need for banks to use at least two methods of verifying clients - biometrics and digital signature - when conducting all critical operations, both when registering a client in the personal account of a mobile application and when directly receiving a service (applying for a loan), as well as when changing a trusted phone number linked to the application. From August 20, 2024, a legislative ban has been introduced on the issuance of online bank loans and online microloans without biometric identification of the client," the report says.

Additionally, at the subordinate level, in August the agency established a requirement to conduct a live image check when issuing online loans. This is a technology that allows you to distinguish a live person from a mask or deepfake, when fraudsters try to use a recorded video or photo to log into a person's personal account - for example, to gain access to bank accounts.
Recall that earlier, the International Council of the Supreme Court proposed that banks and microfinance organizations write off loans for victims of internet fraud. Judges noted a sharp increase in cases related to internet fraud: in 2023, their number increased by 270 percent compared to the previous year.