Collection of online loans from individuals who have fallen victim to fraud will be halted, the Ministry of Justice announced. The relevant Regulation on minimum requirements for information and cybersecurity and preventing fraud in online financial services was registered by the Ministry of Justice and the Central Bank today, with the effect in three months.

According to the Regulation, credit institutions are required to stop accruing interest (penalties, fines) and collecting interst on online loans if the loan was issued as a result of fraud, and the individual is recognized as a victim based on a ruling by an investigator, prosecutor, or court order.

If an online loan (microloan) amounts and other related payments have already been collected from the victim, these funds shall be returned by the credit institution to the victim's bank card within 15 days or to the account specified by the victim based on a court order.

While, the credit institution has the right to recover financial damages from the person who committed fraud when applying for an online loan. If fraud is suspected, the bank or payment institution may also file a complaint in line with the established procedure.

If, following an inquiry, preliminary investigation, or court decision, fraud is not confirmed, the credit institution shall resume charging interest and collecting debt on online loan.

At a presidential meeting in November, it was reported that more than 31 million individuals use internet in Uzbekistan. Over the past five years, the number of cybercrimes has increased 68-fold, with over 46,000 incidents identified in the first 10 months of last year alone. The material damage caused to individuals and legal entities exceeded 1.2 trillion soums.

The head of state then ordered that individuals be relieved from obligations on microloans fraudulently obtained without their knowledge. In addition, suspicious bank accounts will be blocked around the clock.