According to the Central Bank, in the first nine months of 2024, there were 463 cases of fraud involving online loans, resulting in financial losses totaling approximately 15 billion soums. Recently, we reported on one such case where scammers tricked a cleaning worker into taking out online loans amounting to 180 million soums.

What is the Central Bank doing? The Central Bank of Uzbekistan, having studied the experience of developed countries such as the EU, Australia, Russia, the US, and Canada, decided to introduce a new temporary procedure to protect citizens from fraudsters. From November 1, 2024, to April 1, 2025, new rules will be in effect aimed at preventing suspicious operations with bank cards during the process of issuing online loans.

Key changes:

1. Biometric identification
   All citizens applying for a loan through the bank’s mobile app will be required to undergo biometric identification. This is necessary to confirm the identity of the applicant and prevent cases where a loan is fraudulently applied for in someone else’s name.
2. Two-stage credit history check
   After submitting an application, credit organizations will conduct a two-stage check of the citizen’s credit history in the credit bureau database. If it is found that the client has a negative credit history or too high a debt burden, multiple loans have been issued over a short period, and the debt burden has sharply increased, the loan may be denied or the loan amount reduced.
3. Restrictions on P2P transfers
   For new clients receiving an online loan for the first time, restrictions will be imposed for the first 48 hours after the loan is issued on transferring credit funds to personal accounts, electronic wallets, mobile account top-ups, and currency exchange. To lift these restrictions, the client will need to confirm receipt of the loan and the absence of fraud through contact with the credit organization. This will be done as follows: within 48 hours, the client must call the phone numbers indicated in the SMS message sent by the credit organization and confirm that they received the loan without the influence of fraudsters. A representative of the credit organization will re-contact the client, verify the provided information, and conduct additional confirmation.

The aforementioned restrictions will not affect the ability to withdraw the credit funds or perform transactions such as paying for goods and services, which can be carried out without restrictions.

4. Loan contract termination
   If, within 48 hours after the loan is issued, it is determined that the application was submitted under the influence of fraudsters or the client fails to pass the repeated verification, the loan agreement will be terminated, and the loan funds will be returned to the bank’s account.

The importance of the new measures These measures are aimed at preventing many fraudulent schemes and will help reduce financial losses among the population. The problem of online loans has become so acute that it affects not only the economy but also the social stability of the country. The introduction of mandatory biometric identification and two-stage credit application verification is an important step towards ensuring the safety of citizens and their finances.

The restrictions on P2P transfers will create an additional barrier for fraudsters trying to quickly withdraw money from other people’s accounts. The Central Bank has also ensured that these restrictions do not affect citizens’ ability to freely manage their funds: they will be able to pay for goods and services without any issues.

These innovations are designed to protect citizens and reduce fraud risks, though they may slightly complicate the process of obtaining loans. However, additional checks and verification are the price of security and protection against fraudsters. As a result, users will be more confident in the safety of their data and finances.

The Central Bank urges all credit organizations to comply with the new rules and inform clients about the introduction of biometric identification and other protective measures. It is important that citizens are aware of their rights and opportunities to protect themselves from fraudsters.

The article may contain inaccuracies as it is translated by AI. For more details, please refer to the Russian version of the article. If you notice any inaccuracies, you can send corrections via the Telegram bot: Uzvaibik_bot.

Сообщение The Central Bank introduces new measures to protect citizens from fraud when applying for online loans появились сначала на Vaib.uz.

The first report of the scammers came from the «Potrebitel.uz» community, where a fake document that had been distributed to residents of the Mirabad district was posted.

In the document, residents were required to conduct a chimney inspection, supposedly ordered by some Tashkent City Fire Prevention Society. Residents were threatened that if they did not clean their chimneys and obtain a corresponding certificate, their homes and apartments would be disconnected from the gas supply. Naturally, this service was charged at 80,000 soums.

The Mirabad District Administration, after the information surfaced on social media, denied any involvement in the incident, emphasizing that the district gas services also had no connection to this matter. Representatives of the district administration urged residents to check the IDs of all gas service employees visiting their homes.

Hududgaz Poytaxt also commented on the situation, stressing that the requirements mentioned in the fake letters were outdated. The notifications about mandatory preventive chimney inspections were being distributed by private companies, and they are not compulsory. In other words, you can choose to have the cleaning done or not, but no one will disconnect your gas.

All documents related to this situation have been submitted to the relevant authorities for further investigation.

The text has been translated by AI. For more accurate information, please refer to the Russian version of the article

Сообщение Residents of Tashkent Are Being Threatened with Gas Cutoffs for Uncleaned Chimneys and Ventilation появились сначала на Vaib.uz.

Belief in Miracles: Cultural Heritage and Modern Realities

In our country, there exists a special belief in miracles, reminiscent of the field of wonders from «The Golden Key,» where Alice the Fox and Basilio the Cat led Pinocchio. This belief is unlikely to be based on reality; rather, it is associated with the degrading level of education and the impoverishment of the population.

People, seeing beautiful pictures on TV and wealthy individuals driving expensive cars, begin to dream of such a luxurious life. Bloggers, showcasing their luxurious lives on social media, also fuel this dream. As a result, when Uzbeks are offered to invest a little money and do nothing, they easily believe in the possibility of getting rich quickly.

Fraudsters skillfully manipulate people’s hopes and dreams. They speak of incredible earnings requiring no effort. Promises of million-dollar incomes usually sound too good to be true, but it is precisely this simplicity and ease that attract people. Seeing expensive cars and luxurious homes, people feel a strong social inequality. They also want access to this world of luxury and well-being and are ready to believe any fairy tales told by fraudsters.

Main Fraud Schemes

Fraudsters use several main ways to take money from gullible citizens:

1. Financial Pyramids: People are promised huge profits with minimal investments. For example, invest $100 and get $1000 in a month. Such schemes eventually collapse, leaving investors with nothing.
2. False Investment Projects: Promises of high returns from supposedly successful businesses or startups. Fraudsters create the appearance of a successful business and then disappear with the investors’ money.
3. Fake Charitable Funds: Fraudsters create fake charitable organizations and collect money under the pretext of helping those in need.
4. Phone and Internet Scams: Calls from supposed representatives of banks or government institutions asking for personal information or money transfers to resolve some «issues.»

Why Do Fraudsters Easily Gain Trust?

Financial pyramids remain one of the most insidious forms of fraud. It is important to understand that victims of such schemes are not only naive or uninformed people. Often, these are quite reasonable and educated citizens attracted by the promises of easy and quick money.

Fraudsters often use celebrities, influential people, or simply charismatic opinion leaders to promote their schemes. Trust in these individuals automatically extends to the project, even if it does not inspire logical trust.

Many people simply lack the knowledge and critical thinking skills to recognize deception. They trust beautiful promises and do not ask unnecessary questions. Moreover, the desire for easy money remains a crucial factor. Economic instability and low income levels push people to seek quick ways to get rich.

And we should not forget about social engineering. Inspired by examples of rich and successful people, ordinary citizens begin to believe that they, too, can easily and quickly get rich.

Psychological Mechanisms Used by Fraudsters

1. Illusion of Control: Fraudsters create an illusion for victims that they control their investments and can withdraw money at any time. In reality, once the money is invested, the victim loses all control.
2. Improvement Effect: Initially, financial pyramids may pay small dividends, giving victims the impression that they are actually earning. This prompts them to invest more money and attract new participants.
3. Social Proof: Seeing other people (especially those who have already received payments) actively participating and talking about their successes, victims reinforce their decision to invest.
4. Fear of Missing Out (FOMO): Fraudsters skillfully play on the fear of missing out, creating the impression that the offer is time-limited and one must act immediately or miss the chance to get rich.

Expert Opinion

«I have long stopped dissuading people who give money to such schemes [financial pyramids – ed.]. They do not want to be dissuaded or talked out of it. They want to be deceived, to have their money taken and not returned. Otherwise, how can one believe that someone unknown, finding a way to turn stone into gold, decides to share it with others?! And all this absolutely selflessly. It is pointless to repeat about free cheese in a mousetrap or about the field of wonders in the land of fools. Take care of yourself and your money; it is more needed by you than by these fraudsters,» noted digital security expert Shukhrat Kurbanov.

The text has been translated by AI. For more accurate information, please refer to the Russian version of the article.

Сообщение Victims of Illusions or Belief in Miracles: Why Residents of Uzbekistan Fall into the Traps of Fraudsters появились сначала на Vaib.uz.