Tue, 1 July
14.1 C
Yerevan
USD: 384.47 RUB: 4.90 EUR: 450.83 GEL: 141.25 GBP: 526.80

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

US dollar exchange rate unchanged, euro and ruble rise

The average market exchange rate of the U.S. dollar to the Armenian dram on March 7, 2025, remained at 394.58 drams, unchanged compared to March 6.

Armenia to receive EUR 26 million loan from KfW bank for renewable energy development

Armenia will receive a loan and a grant from the German KfW bank for the implementation of the "Renewable Energy and Energy Efficiency Development" program.

Ratio of loans to deposits in commercial banks of Armenia has improved – WB review

In April 2025, deposits and loans of commercial banks of Armenia increased by 1.5% y/y and 0.8% y/y, respectively, slightly improving the ratio of loans to deposits compared to the figures for the previous year.

Euro falls by 0.62 points to 450.23 drams

The average market exchange rate of the US dollar against the Armenian dram as of June 27, 2025, decreased by 0.59 points compared to June 26 and amounted to 384.32 drams.

Armenia’s budget remained in surplus through April, despite a projected deficit

Armenia’s budget remained in surplus through April, despite a projected deficit, according to World Bank's Armenia Monthly Economic Update – June 2025.

LATEST NEWS

spot_imgspot_imgspot_img