Deputy Chairman of the Agency for Regulation and Development of the Financial Market (ARDFM) Olzhas Kizatov said that the bank is obliged to cancel the debt upon the application of the victim if law enforcement agencies have officially recognised the loan as fraudulent.
“If there is a decision that the loan taken out has been recognised as fraudulent by law enforcement agencies, then you can go to the bank and they will write it off. The person can apply at any time,” reports NewTimes.kz citing Kizatov.
He added that in the vast majority of cases, loan fraud occurs due to social engineering methods.
As the agency’s checks showed, in 95% of cases the person themselves goes to a bank or microfinance organisation, undergoes biometric identification, and takes out a loan in their own name under psychological pressure.
“We carried out checks. There were complaints that banking applications were vulnerable, and people were suffering. But no violations were found on the part of the banks. Everything is processed with biometrics, formally — without violations,” he emphasised.
Thus, if the loan was taken out by the citizen themselves, even under the influence of deception, but with all procedures followed, a write-off is only possible by court order.
Recall that earlier the prosecutor’s office of the Abai region revealed that local microfinance organisations were issuing loans without conducting biometric identification of borrowers. This allowed fraudsters to take out loans in citizens’ names without their knowledge.