BAKU, Azerbaijan, July 5. It is almost impossible to carry out a fraudulent transaction with a contactless card in Azerbaijan, Visa's Senior Director of Digital Solutions in Ukraine, the CIS countries and Southeast Europe Oleksandr Stelmakh told Trend.
According to Stelmakh, all banks in the country issue only contactless cards, which provide the highest level of security.
"Rumors and urban legends that, for example, money can be withdrawn from a card by leaning a phone in the subway aren't worth attention. We see no point in this, because fraudsters think about mass theft. Stealing 100 manat ($58.8) once is not case of fraudster," he explained.
"On the other hand, any Visa contactless transaction is confirmed by a cryptogram generated by a chip or mobile device that confirms the amount of the transaction, the card number, the required validation (PIN code or biometrics). Based on all this, make a fraudulent transaction with a contactless card almost impossible," added the expert.
The volume of non-cash payments in Azerbaijan amounted to 58.56 billion manat ($34.45 billion) in 2022, which is 21.1 billion manat ($12.4 billion) or 56.26 percent more than in 2021. A total of 562.1 million transactions worth 54.2 billion manat ($31.8 billion) were carried out through debit cards (an increase of 54.9 percent), and 80.8 million transactions worth 4.3 billion manat ($2.5 billion) through credit cards (an increase of 78.3 percent).