Debt collection suspended for victims of online loan fraud

In Uzbekistan, the collection of loans will be suspended for citizens who have fallen victim to fraud when obtaining online loans. This provision is outlined in the regulation titled “On Minimum Requirements for Ensuring Information Security and Cybersecurity and Preventing Fraud in the Provision of Remote Financial Services to Individuals by Credit and Payment Organizations and Payment System Operators,” which was jointly registered by the Ministry of Justice and the Central Bank on January 21.

According to the regulation, if an online loan has been fraudulently issued in a citizen’s name and the individual is officially recognized as a victim based on a decision by an inquiry officer, investigator, prosecutor, or a court ruling, the credit organization must suspend the accrual of interest on the loan and halt its collection.

At the same time, the credit organization is entitled to recover the material damage caused by the fraud from the perpetrator under the right of recourse.

If a credit organization suspects a fraud case, it may file a complaint in accordance with the procedure established by law.

If, based on the results of an inquiry, preliminary investigation, or court decision, it is determined that no fraud occurred, the credit organization will resume the accrual and collection of the online loan and related interest.