BAKU, Azerbaijan, June 10. PCI-DSS (Payment Card Industry Data Security Standard) requirements are necessary to be aligned with the national legislation, Deputy Director of the Payment Systems Department of Bank of Baku, Tamerlan Rustamov, said during the second day of “International Finance and Banking Summit 2026: Global Financial Integration of Turkic States” in Baku, Trend reports.
He noted that one of the main problems in the development of digital payment platforms is the increase in fraud risks and its impact on the cost of financial services.
"Payment service providers spend significant funds on fraud. This ultimately affects the cost of financial services. Another important issue is the protection of users' trust and confidence. For the development of financial inclusion, it is not enough to provide access to bank accounts alone, but trust in the system must also be maintained," the deputy director emphasized.
Rustamov pointed out that, based on the principles established by the Bank for International Settlements, a fraud risk management framework should be formed in each country for the digital payment ecosystem.
According to him, fraud risks are assessed separately within the framework of operational risks, and relevant recommendations have been developed for banks.
"The risk management framework can be approached by both the Central Bank, banks, and fintech companies. The PCI-DSS standards, which have been actively discussed recently, are also of particular importance in this regard. When implementing these requirements for the protection of payment card data, it is important to properly assess the ecosystem and align it with national legislation," he added.
Rustamov said that in some cases, additional security requirements may create additional costs for financial institutions. Therefore, it's important to determine appropriate mechanisms based on risk assessment.
He also noted that the application of limits is one of the important tools in the fight against fraud.
"The application of limits is not a new approach. The limit of 40,000 manat ($23,530) has been applied in the Small Payments Settlement Clearing System for many years. This approach plays an important role in reducing risks in both card-to-card transactions and other transfers," the deputy director added.
PCI-DSS is an international security standard developed to ensure the security of payment card data.
