To protect pensioners from scammers who trick them into taking out loans, Kazakh authorities have decided to make the loan process more stringent, reports infohub.kz.
National Bank Chairman Timur Suleimenov outlined measures to shield vulnerable clients from credit fraud. He said that older individuals—pensioners and those nearing retirement age—are already required to personally visit a bank branch to apply for a loan.
The idea is to allow a bank manager to assess the situation firsthand. If a client appears to be under the influence of fraudsters, does not understand why they are borrowing, or explicitly states they are applying after a phone call, the bank must refuse.
"This is no longer a question of whether they can or cannot. They must say, 'No, dear client, we will not issue this loan.' Whether banks fully implement this and carry out that function is a matter for the Agency for Regulation and Development of the Financial Market to check. Ultimately, the agency conducts bank supervision and inspections. So, colleagues, let's discuss this issue in more detail," Suleimenov explained.
According to him, systemic measures should protect the most vulnerable groups—young people who may not understand financial risks, and elderly clients who are easier for scammers to deceive.