Banks shift most of their obligations to customers to minimize losses

12:16 - 16.05.2024

May 16, Fineko/ Employees of the legal departments of Azerbaijani banks draw up contracts with such professionalism that most of the obligations fall on customers.

ABC.AZ reports that CBA senior specialist Khayala Mammadova stated about this at the Fintex Summit in Baku.

She added that this is done in order to minimize the losses that banks may face.

"If a citizen has high level of cyber knowledge, he can take advantage of loopholes in the protection of the bank and cause damage. It will be difficult for the bank to prevent this. It is difficult to distinguish real fraud from simulated fraud," Mammadova said.

She noted that in order to minimize subjective factors, all banks conclude contracts with customers for servicing cards and current accounts.