The National Bank of Georgia (NBG) has explained the reasons behind new rules requiring certain risky card transactions over GEL 500 by customers aged over 60 to be delayed. Lasha Gzirishvili, Head of the NBG’s Consumer Rights Protection Department, said the measures are aimed at reducing fraud risks.
Under the new rules, payment service providers must suspend a transaction for 48 hours when four conditions are met simultaneously: the transaction is linked to high-risk fraudulent activity, unusual spending behavior is detected, the amount exceeds GEL 500, and the customer is over 60. The provider must contact the customer and explain the potential risks. If the customer still wishes to proceed, the transaction can be completed after the 48-hour period.
Gzirishvili stressed that the regulation does not imply that people over 60 are unable to make sound decisions. Rather, research shows that technological and social risk factors, including limited financial literacy and difficulties keeping pace with increasingly complex financial products, can make this age group more vulnerable to fraud.
According to the NBG official, the rules were developed after an increase in reported fraud cases and information received through the central bank’s hotline and complaints data from financial institutions. He noted that the measures cannot guarantee 100% protection, but the 48-hour delay gives customers additional time to assess whether a transaction is safe before proceeding.
