In Armenia, people lose from $500 thousand to $1 million weekly to cyber fraudsters – expert

YEREVAN, November 29. /ARKA/. Armenian citizens lose from $500,000 to $1 million to online scams and fraudsters a week, information security expert Samvel Martirosyan said in an interview with Arka Business program on YouTube channel.

“The situation with cybercrime is very bad, even dire, but since there are no statistics, it seems that everything is fine,’ he said, adding that his estimate is based on the crimes that were reported to him by Internet users.

‘They are in dozens and some of them lose large amounts, but the bulk are small amounts,” he said.

Martirosyan separately drew attention to the problem of lack of statistics on fake crypto investors for several reasons: first, most of the victims do not apply to law enforcement agencies out of fear that they themselves have violated the law, and second, some of them do not trust state structures. 

“When the money has already been transferred (to the fraudsters) the situation is almost hopeless, but there is one nuance. If they report the crimes to law enforcement bodies, then theoretically, if the fraudsters are caught, there is hope that some of the lost money can be recovered,” he said. 

Thirdly, he said, a significant part of deceived citizens do not realize that they have been cheated. 

“A person gets into drawn-out processes where they are told that they have violated this or that law. All this lasts for months, money is written off. And it seems to the person that it is his/her  own fault, that he himself made a mistake. The problem is that we have no real statistics,” he said.  -0-

spot_img

POPULAR

Head of Central Bank allowed for a reduction in loan rates in Armenia, but with a caveat

Interest rates on loans in Armenia may decrease if favorable inflation and geopolitical conditions persist, stated Martin Galstyan, Chairman of the Central Bank of Armenia, on Public Television.

Unibank and “Vanq” Charity Fund Support Wheelchair Basketball Exhibition Game in Yerevan

Paralympic gold medalists and U.S. Sports Envoys Rose Hollermann and Steve Serio visited Armenia to conduct a wheelchair basketball masterclass and an exhibition game. Unibank and the “Vanq” Charity Fund jointly sponsored the concluding event held in Yerevan, supporting an initiative that combined sport with a powerful message of determination, resilience, and overcoming barriers. 

Armenia expects to reduce public debt to 45% of GDP within five years: Deputy Finance Minister

The Armenian government aims to bring the public debt-to-GDP ratio to 45%, approximately within five years, stated Deputy Finance Minister Avag Avanesyan.

Business registration is now available at Unibank

Business registration is the first step toward starting your own venture.

Yerevan’s budget revenues exceeded targets by 9.7% for the first five months

As of May 31, 2026, Yerevan's budget revenues totaled 40.3 billion drams, compared to the planned 36.4 billion drams for January-May, reported David Hakobyan, Acting Head of the Revenue Accounting and Collection Department at the Yerevan City Hall.

LATEST NEWS

spot_imgspot_imgspot_img