BAKU, Azerbaijan, May 16. The Central Bank of Azerbaijan (CBA) is actively working to protect citizens from financial sector fraud, chief specialist of CBA Khayala Mammadova said during a panel session at the Fintex Summit 2024 in Baku, Trend reports.
“As technology advances, fraud scenarios are evolving. We plan to do a lot to ensure cybersecurity in the financial sector,” she said.
According to the CBA representative, the financial sector also works on improving cybersecurity.
"In this regard, data will be gathered, analyzed, and report samples refined," Mammadova emphasized.
She pointed out that international precedent indicates that with technological advancement comes a surge in cyber risks and threats.
"Consequently, we're exerting our utmost efforts to shield citizens from these risks. This encompasses citizen education. Enhancing citizen literacy in this domain is crucial, alongside fostering responsible conduct in operations," Mammadova concluded.
To note, the Fintex Summit 2024 is taking place in Baku, spanning from May 15 through May 16. The summit focuses on various key themes, including the evolution of the fintech sector, strategies for countering cyber threats, digitalization initiatives, the trajectory of the payment industry, the integration of artificial intelligence, advancements in cashless transactions, regional fintech sector growth, and the dynamics within the realm of digital currencies.
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