Wed, 3 September
29.6 C
Yerevan
USD: 384.03 RUB: 4.80 EUR: 443.29 GEL: 142.29 GBP: 510.11

Central Bank of Armenia is examining vulnerabilities in online lending due to fraud

YEREVAN , March 24. /ARKA/. Armenia’s Central Bank is investigating possible vulnerabilities in the protection of online express lending systems due to the increasing number of fraud cases, Central Bank head Martin Galstyan said.

“If it turns out that banks did not install mechanisms of appropriate security and citizens suffered damage, compensations will be paid. However, according to preliminary estimates, mostly citizens themselves provide fraudsters with all the necessary personal data,” Galstyan said at a session of the National Assembly’s committee on financial-credit and budgetary issues on Monday.

According to him, the regulator is aware of the problem and a discussion has already been organized with citizens who have become victims of fraudsters.

“According to the results of preliminary discussions with banks, it turned out that unfortunately, in the vast majority of cases, people themselves provide their personal data to fraudsters, which allows them to get access to citizens’ personal financial space without any problems,” Galstyan said.

According to him, it is possible to eliminate the system of  online loans altogether, but then citizens will face new difficulties.

“It will mean that they will have to go to the bank in person, which will lead to additional expenses and loss of time,” Galstyan said.

Regarding discussions on the topic, the head of the regulator said that when certain proposals are ready, they will be presented to the public.-0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Cryptocurrency in Armenia: Stringent Regulations and Elevated Expectations

The future of cryptocurrencies in Armenia was a topic of discussion among participants at the Armenian Cryptocurrency Assets Forum, which recently took place in Yerevan.

Measures to encourage cashless transactions discussed in Armenia

The Armenian government, chaired by Prime Minister Nikol Pashinyan, convened a meeting yesterday to deliberate on initiatives aimed at promoting cashless transactions, the government press service reported.

ArCa payment system reinstated

The Armenian Card (ArCa) payment system has been completely reinstated, according to a report from the company's press service.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

LATEST NEWS

spot_imgspot_imgspot_img