The National Bank of Georgia has amended its requirements on Strong Customer Authentication and Protecting Consumer Rights in the Provision of Financial Services to strengthen protections against fraud for customers aged 60 and above. The changes require payment service providers to apply higher risk management standards and enhanced monitoring for certain electronic payment transactions initiated from accounts held by this group. Providers must temporarily suspend, or where suspension is not feasible, refuse execution of a customer-initiated transaction assessed as high-risk. Transactions are classified as high-risk where the amount exceeds GEL 500 and is linked to higher-fraud-risk activities such as online trading (forex), investment schemes, gambling, or virtual asset-related activity, or where unusual spending patterns or behavioural anomalies are detected. When a high-risk transaction is identified, the provider must contact the customer and provide information to support decision-making, and the customer receives a 48-hour period after initiating a high-risk and or suspicious transaction to make a final decision and confirm whether to proceed. At the initial stage, the new framework enters into force in September and applies only to card-based transactions.
National Bank of Georgia 2026-04-14
National Bank of Georgia tightens payment service rules requiring safeguards for high-risk transactions by customers aged 60+
The National Bank of Georgia has amended its Strong Customer Authentication and consumer protection requirements to enhance fraud safeguards for customers aged 60 and above, initially for card-based transactions. Payment service providers must apply higher risk management standards, suspend or refuse high-risk transactions above GEL 500 linked to higher-fraud-risk activities or behavioural anomalies, and contact customers, who have 48 hours to confirm whether to proceed.