Day: July 13, 2026

Azerbaijan plans to create a centralized anti-fraud hub for banks to identify risky accounts and counter digital fraud, Elvin Juvarov, senior specialist at the Cashless Payments Analysis Division of the Payment Systems and Products Development Department of the Central Bank of Azerbaijan, said, Report informs.

According to him, the Central Bank is also developing separate anti-fraud requirements to minimize the risks of digital fraud.

“Discussions are already underway with a number of companies, and our roadmap provides for the creation of a centralized anti-fraud system. Such a model is already operating in Türkiye, Russia, Kazakhstan and other countries. This system will operate under the Central Bank. In other countries, this function may be performed by various central structures. In other words, this is a kind of hub system,” he said.

Juvarov noted that the system will allow banks to see the broader picture of suspicious transactions. For example, if numerous transfers are made to one account from different banks, that account may be linked to a fraud network.

According to him, once transactions are integrated into a single central platform, this information will be reflected in one place. In such cases, the accounts may be so-called mule accounts, used to transfer and withdraw stolen funds.

“We will be able to assess such accounts by risk level and mark them as high-risk. Other banks will also connect to this platform in real time. A grey list will be created in the system, including accounts with elevated risk. Banks will be able to conduct additional checks on accounts receiving funds from this list,” he said.