BAKU, Azerbaijan, June 24. The expansion of anti-fraud measures is among the key topics currently under discussion, Zakir Nuriyev, president of the Azerbaijan Bankers Association (ABA), said in a statement to Trend.
Speaking on the sidelines of the "FINTEX SUMMIT 2025—Finance and Technology Exhibition" in Baku, Nuriyev began by sharing his impressions of the event.
"Today, within the framework of the FINTEX SUMMIT 2025, we signed a Memorandum of Understanding to establish a platform for Credit Bureaus of Turkic States. This platform will enable the enhancement and development of credit bureau activities. Additionally, under this agreement, credit bureaus will be able to exchange experiences with one another," he said.
Nuriyev also recalled the signing of a cooperation memorandum earlier today with the Kazakhstan Association of Financiers.
"This will allow us to jointly promote the development of fintech solutions and the banking sector with Kazakhstan's Association of Financiers, as well as to share experiences and legislative updates related to open banking and digitalization," he added.
Emphasizing the criticality of anti-fraud initiatives, Nuriyev
articulated that these strategic measures are meticulously crafted
to mitigate fraudulent activities and deceptive practices.
"Anti-fraud encompasses a comprehensive suite of protocols and
frameworks designed to mitigate and counteract malfeasance and
fraudulent activities associated with card transaction processes."
Our objective is to facilitate the dissemination of current
paradigms and cutting-edge advancements within this domain to
banking institutions, financial sector operatives, and other
pertinent stakeholders.
Anti-fraud encompasses the deployment of innovative technological
frameworks aimed at enhancing public consciousness to mitigate
instances of card compromise and fraudulent activities.
Another pivotal domain is the evolution of account initiation
protocols and contactless transaction methodologies within the
realm of remote banking, alongside the dissemination of pertinent
innovations and experiential insights to both the banking sector
and other stakeholders within the financial ecosystem," Nuriyev
concluded.
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