Fri, 7 November
2.1 C
Yerevan
USD: 382.48 RUB: 4.73 EUR: 440.27 GEL: 141.40 GBP: 500.28

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

The UAE instead of Europe : why Armenia needs to change its approach to crypto regulation – EXCLUSIVE

The Armenian Forum on Cryptocurrency Assets, organized by the Cilicia Business Club, was recently conducted in Yerevan.

Net loan portfolio of Armenian banks in Q2 2025 increased by 6.11% to AMD 6.8 trillion

The combined loan portfolio of 17 Armenia-based commercial banks upped  by 6.11% in Q2 2025 compared to Q1 2025, amounting to AMD 6.82 trillion, according to a ranking compiled by  the ARKA news agency.

Moody’s upgrades Converse Bank’s ratings

Moody's Ratings has upgraded Converse Bank CJSC's long-term local and foreign currency bank deposit ratings to Ba3 from B1, aligning the Bank’s rating with Armenia’s sovereign rating.

“We want the word ‘investor’ in Armenia to mean normality, not elitism” – Freedom Broker Armenia

ARKA news agency spoke with Freedom Broker Armenia Director Ovak Ovakimian about the transformation of investment thinking, company strategy and trust as an economic value.

LATEST NEWS

spot_imgspot_imgspot_img