YEREVAN, September 16. /ARKA/. Armenian banks are consistently implementing new systems to safeguard their clients, including the utilization of AI technologies. However, protection may become unattainable if individuals are careless with their data, stated Martin Galstyan, Chairman of the Central Bank.
“I myself have fallen victim to an attack. My email is targeted constantly. Each time, I reach out to our IT security service, clarify the protocol, and follow it accordingly. Individuals must behave similarly, adhering to specific hygiene practices – under no circumstances should they share their personal data with anyone,” he remarked, noting that attempts to breach his account have been unsuccessful.
When asked whether banks are doing enough to enhance the financial literacy of the populace, Galstyan indicated that the level of financial literacy is perpetually inadequate.
“The methods and tactics employed by fraudsters are becoming increasingly sophisticated,” he elaborated, adding that, in light of the changes made by banks to their internal systems, instances of financial fraud have significantly diminished.
In this context, the head of the regulatory body cautioned that the language used by fraudsters to acquire individuals’ personal data will become progressively more inventive over time, thus increasing the importance of maintaining the hygiene of one’s electronic environment.
This year, incidents of banking fraud have surged in Armenia, particularly with the emergence of fake statements on social media purportedly from banks seeking to offer loans. The Central Bank is deliberating on the matter of tightening certain identification requirements, especially for securing online loans, including the consideration of a fraud insurance mechanism.
In mid-May of this year, the regulator announced that three Armenian banks – ID Bank, Inecobank, and Ardshinbank – had decided to postpone the repayment of clients’ obligations for a duration of 3 to 5 years as part of the search for an interim solution.-0-
