With the start of the so-called «cooling off period», the number of fraud cases with online loans has decreased by 30 percent. Melis Turgunbaev, Chairman of the National Bank of Kyrgyzstan, announced at a meeting of the Committee on Budget and Finance of the Parliament.
According to him, 140 cases of online fraud were recorded last year. Over 60 percent of them were related to loans being taken out in citizens’ names without their knowledge.
After the introduction of the «cooling-off period,» the number of fraud cases significantly decreased.
The head of the National Bank of the Kyrgyz Republic noted that the bank is taking all possible measures to prevent fraud and minimize losses for citizens.
He emphasized that the National Bank supports the draft law on self-imposed credit bans currently under discussion in the Zhogorku Kenesh. This is another step toward strengthening the financial security of citizens, Melis Turgunbaev noted.
Earlier, MPs proposed adding a provision to the legislation that would allow individuals to voluntarily restrict the ability to take out loans in their name.
It was also reported that the National Bank was considering the introduction of a self-ban mechanism for getting loans.
The «cooling-off period» is the timeframe during which the bank does not transfer the funds to the borrower, giving the client a chance to cancel the loan and terminate the agreement — for example, if it turns out that the loan was fraudulently provided in their name.