Azerbaijan's Central Bank to introduce new anti-phishing system

The Central Bank of Azerbaijan (CBA) is preparing to implement a new system to protect citizens from phishing attacks, CBA CEO Shahin Mahmudzada said, Report informs.

He stated that the new "self-prohibition" mechanism will prevent fraudsters from taking out loans in the name of bank clients.

"That is, if a citizen has placed a ban on receiving a loan in their name, they will need to lift the ban before using their funds. This means they will have to provide their information twice, and the process will take at least several hours," Mahmudzada noted.

He added that this time period will give clients the opportunity to contact the bank, block their card, or report a suspicious transaction.

The Central Bank hopes that the new measure will reduce the incidence of financial fraud, he said.

"Nevertheless, education is certainly the most reliable method, but it takes more time. However, with tools like these, we can at least reduce the incidence of fraudulent activity," the CEO noted.