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Armenia’s Central Bank Discusses Fraud Insurance Mechanism

YEREVAN, April 14. /ARКА/. In an effort to combat banking fraud, the Central Bank of Armenia is exploring measures to enhance identification requirements, particularly for online loans, according to Deputy Chairman Armen Nurbekyan.

Recent months have seen an uptick in banking fraud cases, including deceptive advertisements on social media masquerading as legitimate bank loan opportunities.

“We convened a meeting of the Central Bank Board last week to address these concerns. While consumers aren’t expected to know everything, there are instances when all necessary information, including secret codes, has been disclosed,” he stated while unveiling the draft law on Crypto Assets, along with other legislative updates at an urgent meeting of the parliamentary committee on financial, credit, and budgetary matters.

Nurbekyan emphasized that there have been no reported incidents of hacking within Armenia’s banking system.

“If a bank fails to fulfill its responsibilities, it will face consequences. We’re currently evaluating a mechanism for fraud insurance,” he added, noting that fraud and data collection schemes are rapidly evolving globally, requiring careful management of their repercussions.

Regarding the complaints received from citizens by the Central Bank, he mentioned that no changes will be made to clients’ statuses until the situations are thoroughly investigated, and no interest will accrue during this period.

“Understanding the incident takes time. However, we can’t hold banks accountable if all the information has been provided by clients. It’s essential to determine whether an individual has fallen victim to fraud or is attempting to execute it themselves,” Nurbekyan concluded. -0-

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