Azerbaijan seems to be speeding up its efforts
to bring its cards market up to international standards.
The Central Bank of Azerbaijan (CBA) has held
a workshop in association with MasterCard Worldwide on the topic of
card fraud in the country.
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The CBA said that the Fraud in Payment Cards
Market workshop aimed to develop a stable infrastructure within the
industry and risk management in electronic commerce was the key
topic.
The business leader within the customer
security and risk services division of MasterCard Europe, Cem
Kibaroglu, was there to compare and analyse the fraud levels in the
Azerbaijani cards payment market and other markets.
Prepaid cards in particular are in high demand
in Azerbaijan, as well as in the Ukraine, Armenia, Georgia and
Kazakhstan due to a high number of foreign workers in Russia who
send funds to their families.
According to Cards International’s
country survey on Russia, money transfer companies sent
RUB9.9bn ($315m) to the above mentioned countries in 2010, thus
driving demand for secure payment and remittance services.
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