Uzbekistan to Introduce Anti-Fraud Systems for Banks and Payment Systems

Tashkent, Uzbekistan - A New Era in Financial Security

In response to a surge in bank card fraud, Uzbekistan’s government has announced plans to introduce anti-fraud systems for monitoring and preventing fraudulent transactions in banks and payment systems by 2024-2025. This decision was made following an order from President Shavkat Mirziyoyev, who aimed to address the growing issue of financial crime.

Program Details

The program will:

• Implement biometric identification of clients at the Central Bank
• Introduce a system for identifying data in financial institutions using SIM cards and mobile device IMEI codes
• Protect one-time passwords received via SMS messages
• Block calls and logins following reported cases of theft or fraud

Addressing the Growing Threat of Financial Crime

According to a roadmap document, the anti-fraud systems were created as a response to increasing instances of theft and fraud in Uzbekistan using bank cards or number- spoofing technologies. This move aims to enhance the country’s payment security infrastructure and prevent financial losses for both individuals and institutions.

Partnership with MasterCard

Earlier this year, the Central Bank of Uzbekistan and MasterCard collaborated on a seminar on cybersecurity and combating payment card fraud as part of their partnership agreement signed in 2022. The event aimed to raise awareness about the growing threat of cybercrime and promote best practices for preventing fraudulent activities.

Conclusion

With the introduction of anti-fraud systems, Uzbekistan is taking a significant step towards ensuring the safety and security of its financial transactions. This move demonstrates the government’s commitment to protecting its citizens’ financial information and preventing financial losses.