Have fraudsters taken over Kazakhstan? Why are the authorities powerless?

Members of Parliament in Kazakhstan have proposed banning online loans, arguing that such a measure would help protect citizens from phone scammers. But would a ban on online lending really reduce fraud? Why is the so-called “cooling-off period” not working as intended? How did fraudsters obtain the personal data of millions of Kazakhstanis? Who are money mules? What prevents law enforcement agencies from effectively combating cybercriminals? How can people identify a scam project and avoid becoming victims? Is the financial literacy campaign producing results? Why do people continue to believe promises of easy money? Do financial pyramid schemes still exist, and how can they be distinguished from network marketing?

These and other issues were discussed with Yuriy Lee, founder of the Financial Culture of Kazakhstan Public Foundation.