Georgia's central bank explains how new transfer restrictions for people over 60 will work

Georgia’s central bank on new rules for older customers

Georgia‘s central bank has clarified that new restrictions on electronic transfers for people over 60 will not apply to regular payments and transactions.

The new rule applies only when a bank or other payment service provider suspects that a customer may be the victim of fraud.

Under the National Bank’s new regulation, if a person over 60 makes an electronic transfer of more than 500 lari and the bank suspects that the transaction may be linked to fraud, it will suspend the transfer for 48 hours.

When does the rule apply?

According to the National Bank, all four conditions must be met for a transaction to be suspended:

• The user must be over 60;
• The transfer must exceed 500 lari;
• The bank or payment organisation must detect unusual spending or behaviour by the customer;
• The payment must involve activity that carries a high risk of fraud.

In other words, being over 60 and making a transfer of more than 500 lari are not, by themselves, enough to trigger a suspension.

For example, if a 65-year-old regularly pays 700 lari in utility bills each month or transfers money to a family member, the transaction will not be automatically suspended.

The situation changes if, for example, the same person is suddenly asked to transfer a large sum to an unknown account and their behaviour within the banking system appears suspicious. In that case, the new protection mechanism may be triggered.

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What can the bank do?

If all four of the above conditions are met, the bank or relevant payment service provider will suspend the electronic transaction for 48 hours.

During this period, the bank must contact the customer and explain in simple terms why it considers the transaction suspicious and what risks it may involve.

The final decision then rests with the customer.

If the customer decides they still want to transfer the funds, they must confirm this to the bank, and the transaction will go through.

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Why did the central bank introduce the rule?

The National Bank of Georgia says the measure aims to protect vulnerable customers, particularly older people, from fraud.

The idea is simple: if a fraudster convinces someone to make an urgent transfer, the 48-hour pause gives them additional time to consider whether they really want to go ahead with the transaction.

According to the National Bank, a similar approach is used in other countries, including the US, Canada, Brazil, the UK and EU member states.

The new rule therefore does not ban people over 60 from making bank transfers. Instead, it temporarily suspends transactions that appear suspicious based on a number of indicators. This gives customers another opportunity to reconsider their decision before falling victim to fraud or losing their money.

Georgia’s central bank on new rules for older customers