Pashapay Stands On Par With Banks In Security Issues - Chief Executive Officer

9/20/2024 6:09:12 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 20. PashaPay is on a par with banks in security issues, the Chief Executive Officer of PashaPay, Samir Mammadov, said at a conference held in Baku on the topic“Cybersecurity for the Green Economy”, Trend reports.

“Our activity meets the new standards approved by the Central Bank of Azerbaijan. We made sure that the level of security of e-wallets in Azerbaijan must meet banking requirements, including strict anti-money laundering and fraud prevention procedures. In addition, from the beginning we have been working closely with the cybersecurity structures under the Ministry of Internal Affairs, as well as with other law enforcement agencies and regulators who have provided us with significant support,” he noted.

According to him, despite frequent cyberattacks in the initial stages, PashaPay has managed to provide a level of security that exceeds banking standards through the implementation of biometric technology, multi-factor authentication, behavioral analysis, tokenization, and transaction protection.

“We are confident that our users' funds are completely safe. Our security success is that when we release products, we analyze every possible cybercrime scenario that we may face. We have a strong team of cybersecurity and anti-fraud development experts who regularly load-test the system to identify its vulnerabilities. Additionally, we partner with leading technology companies developing multi-layered authentication, anti-fraud, and compliance systems. This process is technically complex, but we are confident in its effectiveness,” Mammadov added.

To note, the conference "Cybersecurity for the Green Economy" is organized by the State Special Communication and Information Security Service of Azerbaijan and PROSOL. It is attended by local and foreign specialists working in the field of cyber security, as well as persons responsible for this sphere in state institutions, private enterprises, and organizations.

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