😱 Uzbekistan 🇺🇿: from November 16, P2P transfers via the web will stop working, and operators will have to cover fraud-related losses

😱 Uzbekistan 🇺🇿: from November 16, P2P transfers via the web will stop working, and operators will have to cover fraud-related losses

The Central Bank approved amendments to the “Regulation on Cybersecurity and Fraud Protection in Remote Financial Services”. The rules apply to all banks and fintech companies.

🔣 P2P transfers will be available exclusively through mobile applications. Users will still be able to access their accounts through the web version, but transfers will no longer be available.

🔣 Logging into a mobile banking application from a new device will require mandatory biometric identification (Face ID). Users will also be able to link not only their own cards, but also cards belonging to close relatives.

🔣 When accessing an account from a new device, linked cards will automatically be set to inactive. They can be reactivated using an OTP code, without requiring biometric identification again.

🔣 Payment organizations will be allowed to set their own criteria and limits for P2P transfers that do not require OTP confirmation. Previously, confirmation was mandatory for every transaction, without exceptions.

🔣 Banks and fintech companies, which will now assume responsibility for customer losses resulting from fraud, will have a direct incentive to strengthen the monitoring of suspicious account activity. The focus will be on accounts showing atypical patterns, such as frequent P2P transactions, rapid movement of funds, or activity inconsistent with the user's normal profile.

🔣 If a financial institution detects malware or signs of remote control on a device, it must immediately send the user a push notification and SMS instructing them to contact the bank.

🔣 Additional measure: under the new system, SIM card ownership will be strictly verified against the citizen's PINFL.

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