The Central Bank of Azerbaijan plans to create a centralized system that will ensure automated information exchange among banks, payment institutions, and law-enforcement agencies to strengthen the fight against digital fraud in the country, said Elvin Juvarov, a specialist of the Central Bank in the field of payment systems and product development, during his speech at the IX International Banking Forum, APA-Economics reports.
According to him, initial discussions are already underway, and the system will be a “significant turning point” in combating fraud:
“The unified platform will prevent complaints from getting lost between banks and the police, ensure real-time transmission of information, and allow for the prompt assessment of risks. The new system will also make it possible to form complete and accurate statistics.”
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