Central Bank of Azerbaijan reports sharp rise in card fraud cases

Azerbaijan is experiencing a sharp increase in fraudulent transactions in the financial sector, according to Elvin Juvarov, a senior official at the Department for Payment Systems and Products Development of the Central Bank of Azerbaijan, said at the 10th International Financial and Banking Summit in Baku.

According to Report, he said that as digitalization expands and banks and payment organizations grow their service portfolios, fraud cases are also rising.

"Despite a steady decline in the first two quarters of last year, a sharp increase in domestic fraud cases has been recorded since the second quarter of this year," he noted.

He added that cross-border fraudulent transactions tend to involve smaller amounts but occur more frequently, with most cases linked to e-commerce payments made without the physical presence of a card.

As a result, while the number of fraud incidents is increasing, the total value of losses remains relatively low.