Starting September 1, gambling and crypto transactions exceeding GEL 500 will be considered suspicious. BPN.ge reports this.

The National Bank of Georgia made the decision to tighten payment requirements for individuals over the age of 60 in April, but the new rules will take effect tomorrow.

Specifically, under an order issued by NBG President Natia Turnava, amendments were made to the rules on strong customer authentication and the protection of customer rights when financial organizations provide services. The changes are intended to strengthen and make more effective the protection of a vulnerable segment - customers over the age of 60 - from fraudulent schemes.

“The updated regulations are based on the best international practices and introduce additional requirements under which payment service providers are required to apply a higher standard of risk management to certain transactions carried out from the accounts of customers over the age of 60.

“Under the amendments, in order to prevent the execution of electronic payment transactions potentially resulting from fraudulent activity, payment service providers must introduce additional special protective measures for customers over the age of 60 within the monitoring mechanisms prescribed by law.

“Specifically, a payment service provider must temporarily suspend the execution of a risky electronic payment transaction initiated by the customer or, where this is not possible, refuse to execute it,” the National Bank said in a statement.

According to the NBG, the following transactions will be considered risky: if the transaction amount exceeds GEL 500 and the transaction is related to activities with a high fraud-risk profile, including online trading, so-called “forex” trading, investment activities, gambling, or virtual assets; or if unusual spending or behavioral patterns are detected in relation to the customer.

“If a risky transaction is detected, the payment service provider will be required to contact the customer and provide them with information to help them better analyze the situation, thereby reducing the risk of the customer carrying out transactions as a result of manipulation by fraudsters.

“At the same time, it is important to note that after initiating a risky and/or suspicious transaction, the customer will have 48 hours to make a final decision on whether to proceed with the transaction and confirm that decision to the service provider.

“It should be noted that, at the initial stage, the new rule developed by the NBG will take effect on September 1 and will apply only to card transactions,” the NBG said.