BAKU, Azerbaijan, October 9. Last year, Azerbaijan recorded 22 million cases of financial fraud involving bank cards, with 17,000 fraudulent card operations reported, said Rauf Jabarov, Executive Director at Azerbaijan Cybersecurity Organizations Association (ACOA), Trend reports.
Speaking at the Baku Fintech Forum 2025, Jabarov warned that this year, the number of financial fraud cases is expected to reach 40 million.
The official also discussed global data breaches, noting that in 2024, the average financial loss per breach was $4.88 million, representing a 10 percent increase compared to previous years. Globally, the financial sector suffered over $1 trillion in losses out of $10 trillion total losses.
"The average cost of data breaches on cloud platforms worldwide last year was $5.17 million, and 74 percent of all breaches were linked to human factors such as errors, social engineering, or internal misuse," he added.
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