Azerbaijani Central Bank registers more fraud cases following banking sector digitalisation

The number of fraud cases is on the rise with the penetration of digitalisation into the banking sector, Azerbaijani Central Bank (CBA) Director-General Farid Osmanov says.

Osmanov was commenting on frequent fraud cases against clients of commercial banks.

“Digital payments are developing rapidly. People's payment habits are changing. Channels for obtaining financial services are also expanding. The specific share of non-cash payments in the country exceeded 54 per cent as of nine months of 2023. The number of fraud cases inevitably increases amid developing digitalisation,” he told Report.

Osmanov added that the CBA has launched a new campaign, the purpose of which is to increase public awareness of this issue.

“We are working closely with the Azerbaijani Banks Association. We have already a working group and an action programme has been developed,” he said.