Published
07/07/2025, 16:24Kyrgyzstan’s national payment system has faced a surge in unauthorized transactions involving Elcart cards. According to the National Bank, 202 incidents were recorded between October and December 2024 — nearly 23 times more than during the same period a year earlier.
Unauthorized card transactions are any operations carried out without the consent or knowledge of the cardholder, including withdrawals, transfers or payments not initiated by the cardholder.
According to the regulator, a total of 497 unauthorized transactions involving payment cards issued by commercial banks in the country were recorded in the fourth quarter of 2024. Of these, 256 cases involved VISA International cards, 39 involved MasterCard, and 202 involved Elcart cards.
While Visa remains the leader in terms of the total number of unauthorized transactions, the sharpest increase in such cases during the fourth quarter was observed with cards of the national payment system. In the same period of 2023, only 9 such transactions were recorded, and in the third quarter of last year — just 1.
The regulator clarifies that the estimated amount of unauthorized transactions across all cards in the fourth quarter of 2024 totaled 6.8 million soms, representing just 0.002% of the total transaction volume. However, more than half of this amount — 3,496,900 KGS — involved Elcart cards. For comparison, Visa cardholders reported 256 such cases totaling 3,135,000 KGS, while MasterCard users reported 39 cases amounting to 163,154 KGS.
The fact is that Elcart has long since moved beyond being just a local platform. The national brand has stepped onto the international stage, and with that, it has also become a target for cybercriminals.
Analysis confirms that all cases are exclusively linked to online transactions. In the fourth quarter, 497 unauthorized internet transactions were recorded. Not a single unauthorized payment was made through a POS terminal or ATM. While in 2022 fraudsters still operated "the old-fashioned way" — with cash withdrawals and card skimming. Today they have shifted entirely to the digital realm.
A total of 1,899 unauthorized transactions were recorded in the country in 2024, representing a 74% increase compared to the previous year. The preliminary financial loss exceeds 32 million KGS, nearly double that of 2023. Of this amount, over 27 million KGS are linked to Visa cards, with the remaining sum associated with MasterCard and Elcart cards.
The second and third quarters were particularly active, during which more than 23 million KGS were withdrawn, transferred, or paid from Kyrgyz citizens' cards without their consent. The average amount per unauthorized transaction also increased, rising from 14,900 KGS to nearly 17,000 KGS.
“Each incident is investigated in accordance with payment system rules to ensure the refund of funds to cardholders,” — emphasize the National Bank of the Kyrgyz Republic.
Today, the national payment system is gradually displacing international brands in everyday banking practices, with Elcart accounting for nearly 40% of the domestic market.
Additionally, data on unauthorized card transactions for the first quarter of this year are now available. A total of 252 such cases were recorded, including 179 involving VISA International cards, 4 involving MasterCard, and 69 involving Elcart cards. The total value of these transactions is estimated at 5.5 million KGS.
