Protest action held outside government building in Yerevan: participants accuse local banks of fraud

YEREVAN, March 19. /ARKA/. A protest against fraud in the Armenian banking system took place on Wednesday in front of the government building in central Yerevan. The participants accuse some local banks of aiding cybercriminals.

“We have become victims of fraud by cybercriminals. Banks claim their innocence, but why should citizens suffer because of the mistakes and vulnerabilities of these institutions? We are talking about three or four banks. The investigative authorities, in turn, are not fulfilling their duties properly; investigations are being carried out extremely slowly and, in fact, ineffectively,” the protesters said.

They explained the nature of the problem: it turns out that some criminals “without the knowledge of citizens, took out online loans in their name for large amounts.” “The banks claim they are unaware of this, saying we have become victims of cybercriminals. We have suffered financial losses ranging from 700,000 to 1 million drams or more. The investigative authorities are unwilling to protect the rights of the affected citizens,” said the protest participants.

They are demanding that the government take clear and systematic actions, ensure justice in the banking sector, and provide state guarantees for the financial security of citizens.

The protesters collected signatures and submitted a letter to the Prime Minister of Armenia, requesting a meeting to discuss and resolve the issue.

spot_img

POPULAR

Inflation of 4.2% recorded in Armenia in May

In Armenia, 12-month inflation in the consumer market in May of this year amounted to 4.2%, according to a report from the Statistical Committee of Armenia.

AMX’s key goal is integration into international capital markets – CEO

One of the key goals of the Armenia Securities Exchange (AMX) is the integration of the Armenian capital market into international markets, stated AMX CEO Hayk Yeganyan.

Net inflow of remittances to Armenia from abroad increased approximately 2.7-fold in four months

The net inflow of cross-border transfers to individuals in Armenia, received from abroad through the Armenian banking system, amounted to $728.1 million in January-April 2026, compared to $273.4 million in January-April 2025, according to a report from the Central Bank.

Government securities dominate Armenia’s capital market, with a volume of approximately $7.4 billion – Galstyan

Government securities dominate Armenia's capital market, with a volume of approximately $7.4 billion in circulation, stated Martin Galstyan, Chairman of the Central Bank of the Republic.

Armbanks Weekly Digest: Key Events in Armenia’s Financial Market (May 25-31) 

The week in Armenia's financial market was influenced by the Central Bank's signals on financial stability, credit risks, and banking sector profitability. Capital market development and client protection issues were also in focus.

LATEST NEWS

spot_imgspot_imgspot_img