NBG tightens payment service rules to protect consumers over 60

The National Bank of Georgia is tightening regulations on payment services to protect consumer rights and prevent potential financial fraud.

According to the National Bank, the updated rules introduce stronger user authentication requirements and enhanced consumer protection mechanisms, particularly aimed at safeguarding vulnerable groups, including individuals over the age of 60.

The new regulations, based on international best practices, require payment service providers to apply higher risk management standards to certain transactions made from accounts held by customers aged 60 and above. These measures are designed to prevent fraudulent electronic transactions.

In particular, providers will be required to temporarily suspend—or, if necessary, refuse—transactions deemed high-risk. A transaction may be considered risky if it exceeds 500 GEL and is associated with high-risk activities such as online trading, Forex operations, investment schemes, gambling, or virtual asset-related services, or if it deviates from a user’s usual spending behavior.

When a risky transaction is detected, the provider must contact the customer to ensure they are properly informed, helping to reduce the likelihood of fraud through manipulation. Customers will also be given a 48-hour period after initiating a suspicious transaction to make a final decision and confirm whether they wish to proceed.

The National Bank noted that, in the initial phase, the new regulation will come into force in September and will apply only to card transactions.

The institution emphasized that protecting consumer rights—especially those of pension-age individuals—remains a key priority, and it will continue to monitor fraud risks and respond effectively to emerging threats.