The National Bank of Georgia says it is tightening payment service regulations to strengthen consumer protection and reduce the risk of financial fraud, particularly for citizens over 60.
The changes amend rules on strong customer authentication and user protection, introducing additional requirements for payment service providers when handling transactions involving older customers.
Under the new regulations, banks will be required to apply stricter risk management standards. This includes temporarily suspending or, if necessary, refusing to process transactions deemed high-risk.
Transactions may be flagged as risky if they exceed 500 GEL (about $185) and are linked to high-risk activities such as online trading (forex), investment schemes, gambling, or virtual assets. Transactions that deviate from a customer’s usual behavior or spending patterns may also be considered suspicious.
In such cases, providers must contact the client to verify the transaction and provide additional information to reduce the risk of fraud. Customers will have up to 48 hours to confirm or cancel a flagged transaction.
The new rules will take effect in September and will initially apply to payment card transactions.
The central bank says protecting consumers — especially older citizens — remains a key priority and that it will continue monitoring fraud risks and adjust regulations if needed.
