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Financial Authority mandates OTP for customer verification within two months
The General Authority for Financial Supervisory issued a decision requiring consumer finance and small and medium-sized enterprise financing companies to adopt the OTP verification system within two months. This measure aims to enhance customer protection and prevent identity theft and data manipulation. The decision mandates sending a verification code to the customer's phone at the time of signing and using the financing contract, which must be verified by the companies. The goal of this procedure is to accelerate the detection of negative practices and safeguard customer rights, while also obligating companies to verify the accuracy of data such as the national ID number and phone ownership, in line with the authority's directives to strengthen digital verification systems and enhance security in the non-banking finance market.
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