AZE.US
Financial fraud cases involving unauthorized loans are becoming more frequent, with victims discovering debts and bank accounts opened in their names without consent.
According to banking sector experts in Azerbaijan, fraudsters typically rely on social engineering rather than hacking bank systems directly. Scammers send SMS messages with “attractive offers,” pose as bank employees or law enforcement officers, and pressure individuals into sharing personal information or one-time verification codes.
In some cases, criminals initiate video calls to capture a person’s image, which can then be misused during remote identification procedures. As digital banking services expand, remote onboarding has made financial access more convenient – but it has also created new risks.
Bank representatives stress that personal data alone is not sufficient to obtain a loan. Since 2024, under regulations introduced by the Central Bank of Azerbaijan, mobile banking access requires two-factor authentication. Remote account openings are verified through video identification and additional confirmation steps.
However, experts warn that security systems can be undermined if clients voluntarily share verification codes or respond to suspicious video calls. In many reported cases, victims unknowingly completed the authentication process themselves after being manipulated by fraudsters.
Financial specialists advise the public never to disclose one-time passwords, PIN codes, or full card details. Any unexpected call claiming to be from a bank should be verified by contacting the institution directly through its official hotline.
As digital financial services grow across emerging markets, the balance between accessibility and cybersecurity remains a critical challenge. Analysts note that consumer awareness is now as important as technical protection measures in preventing unauthorized borrowing and identity-based financial fraud.