Azerbaijan drafting new regulatory standards to combat digital fraud

Azerbaijan is preparing new regulatory requirements aimed at strengthening the fight against rising digital fraud cases, Elvin Juvarov, a specialist in payment systems and product development at the Central Bank of Azerbaijan, said on the second day of the 9th International Banking Forum in Baku.

Juvarov noted that growing fraud incidents have made it necessary to establish unified standards for banks and payment organizations. Work on these requirements has already begun, forming a framework that will further reinforce digital security regulations. He recalled that information-security standards took effect last year, and now dedicated rules targeting digital fraud have become essential.

The new standards will outline several key directions, including the creation of specialized anti-fraud teams, their organizational placement, and measures to prevent conflicts of interest.

Juvarov emphasized that business activity, information security, and customer experience must be kept in balance. "The main goal is to set the right equilibrium-business processes should not suffer, customer satisfaction must remain high, and digital security should be strong," he said. The requirements will be aligned with international practices, enabling banks to manage risks more effectively.