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If your funds have been frozen by your bank due to suspected fraudulent activity, there are established procedures to help you recover your money. The National Bank of Kazakhstan has detailed the process for citizens affected by scams.

Steps to Recover Frozen Funds

If a transaction is blocked due to suspicious actions by third parties, it is crucial to immediately contact law enforcement agencies. These agencies are responsible for issuing a notification to the bank, confirming the fraudulent nature of the transaction and the necessity of returning the blocked funds to the client. This notification requires sanctioning by a prosecutor.

“Therefore, the basis for recovering funds is a notification sanctioned by a prosecutor from a criminal prosecution authority. This is why victims of fraud must go to law enforcement agencies,” the National Bank clarified.

The Role of the Anti-Fraud Center

The National Bank's Anti-Fraud Center records transactions with signs of fraud that have occurred since the platform's launch on July 22, 2024. All citizens who have suffered losses during this period can attempt to recover their funds.

The Anti-Fraud Center is a unified technological platform that combats financial fraud in real-time. Its primary objective is to facilitate rapid data exchange among all financial market participants to intercept stolen funds before criminals can convert them into cash.

Timeline for Fund Recovery

According to the National Bank, the beneficiary bank will return the funds no later than the next business day after receiving the notification of the fraudulent transaction from the criminal prosecution authority. Funds can only be returned up to the amount that was blocked. The recovery is processed via a payment order and a payment instruction.

“If there are insufficient funds in the recipient's account at the time of blocking, the losses will be compensated through court,” the National Bank added.

Financial institutions that fail to comply with legal requirements for returning funds blocked during transactions with signs of fraud are subject to supervisory measures by the Agency for Regulation and Development of the Financial Market.

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