The Central Bank of Azerbaijan (CBA), the financial market regulator, considers its priority task to increase the security of transactions and prevent cases of fraud in the process of cashless payments, Trend reports via CBA’s Twitter publication.

Since 2013, the Central Bank has been collecting and analyzing information on fraudulent transactions with payment cards belonging to non-resident organizations in the internal network of payment services on a quarterly basis, the publication said.

Also, in accordance with the ‘Rules for the Issue and Use of Payment Cards’ approved by the CBA Board, issuing banks and organizations involved in the processing of payment card data promptly detect and prevent suspicious transactions with their use.

“The timely prevention of threats is facilitated by the availability of software for effective risk management, real-time monitoring to detect suspicious transactions with payment cards, the existence of internal procedures to prevent the illegal disclosure of confidential information that identifies card users, and the minimum provisions of these rules,” the bank publication says.

The financial market regulator also noted it periodically sends out recommendations to banks to prevent cases of fraudulent transactions with payment cards, guidelines for the provision of electronic banking services, and their security.

“At the same time, seminars and training are regularly organized on the safe use of payment cards among various groups of the population, increasing financial literacy, providing the necessary knowledge about digital payments and preventing fraud,” the CBA publicized.

Source: TREND News Agency