Experts about the problem in transactions with bank cards Experts about the problem in transactions with bank cards
On January 6, Azerbaijan experienced widespread disruptions in bank card transactions, causing inconvenience to users attempting to carry out operations through mobile applications and ATMs. The issue was particularly prevalent in banks affiliated with "Azericard," a Limited Liability Company (LLC) that provides processing services to 15 banks in the country.
Numerous complaints flooded in, with customers reporting an inability to utilize mobile applications and perform transactions through ATMs and POS terminals. Representatives from affected banks attributed the problem to technical issues, reassuring clients that specialists were actively working to resolve the matter promptly.
Akram Hasanov, a banking expert, in an interview with Radio Azadlig shared his experience with a similar problem at the end of 2023, emphasizing the repeatability of technical problems. Hasanov suggested that the lack of a robust market economy in the country might contribute to such issues and called for the Central Bank to conduct investigations, citing the law "on payment systems" that empowers the Central Bank to oversee consumer rights protection.
In response to complaints, Azericard LLC explained that the disruption occurred during a planned upgrade of UPS equipment, leading to an unexpected voltage jump and subsequent system blockage. Although the organization swiftly addressed the electricity and voltage issue, restoring the system encountered delays due to an emergency blocking element. Azericard prioritized preventing data loss, leading to a comprehensive analysis and necessary tests before full recovery, which was achieved by 23:13 Baku time.
Azericard stressed the high-level protection of customer information and highlighted its international certificates for data security and system restoration. The organization clarified that the incident was caused by technical reasons and emphasized the fulfillment of contractual obligations by IT service providers.
IT specialist Vahid Gasim weighed in on potential causes, mentioning technical problems or cyber attacks. Gasim suggested that such technical glitches are normal for small systems but deemed them unacceptable for national-scale systems. He emphasized the need for spare modules and a preparedness plan. Gasim raised concerns about Azerbaijan's readiness for such problems, attributing the issue to irresponsibility and the absence of consumer rights protection.
Gasim acknowledged that there was no immediate technical risk for card users but cautioned against potential damage in the event of a cyber attack, emphasizing the need for a robust insurance system, which currently faces challenges in Azerbaijan.
As Azerbaijan grapples with these technical hiccups, questions arise about the country's preparedness for handling and mitigating such disruptions in its financial infrastructure, prompting calls for more comprehensive measures and consumer protection mechanisms.
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- Politics
- 10 January 2024 17:14
Social
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