Number of Bank Fraud Cases in Armenia Has Declined: The Head of the Union of Banks of Armenia (UBA) Names Two Reasons
04.08.2026,
16:32
The number of fraud cases in the Armenian banking system has decreased, stated Daniel Azatyan, Chairman of the Union of Banks of Armenia (UBA).
YEREVAN, August 4. /ARKA/. The number of fraud cases in the Armenian banking system has decreased, stated Daniel Azatyan, Chairman of the Union of Banks of Armenia (UBA).
Responding to a question from ARKA about the reasons for this trend, he cited two main factors.
"The first is increased public awareness through information. The second is the introduction of technological changes that have increased the effectiveness of fraud prevention," Azatyan said at a press conference on Tuesday.
According to him, one such solution is the re-verification of banking app users when changing mobile devices.
"Currently, this creates difficulties for some clients, but, on the other hand, it helps resolve many issues related to the fight against fraud," he noted.
Commenting on the "STOP" button mechanism implemented in Armenia's financial system, Azatyan stated that fraud methods are constantly changing, so the effectiveness of individual tools may decline over time. "Initially, the STOP tool will be effective. But we must be prepared for the fact that at some point, fraudsters will be able to circumvent it, requiring the implementation of other tools," he said.
Azatyan did not provide statistics on fraud cases, noting that the relevant data is available to law enforcement agencies.
According to previously published information, the STOP mechanism has been in effect at Armenian financial institutions providing remote services since July 1, 2026. This mechanism allows clients to independently restrict individual transactions or completely block remote financial services. All banks and other financial institutions subject to relevant Central Bank regulations have implemented the mechanism.
Responding to a question from ARKA about the reasons for this trend, he cited two main factors.
"The first is increased public awareness through information. The second is the introduction of technological changes that have increased the effectiveness of fraud prevention," Azatyan said at a press conference on Tuesday.
According to him, one such solution is the re-verification of banking app users when changing mobile devices.
"Currently, this creates difficulties for some clients, but, on the other hand, it helps resolve many issues related to the fight against fraud," he noted.
Commenting on the "STOP" button mechanism implemented in Armenia's financial system, Azatyan stated that fraud methods are constantly changing, so the effectiveness of individual tools may decline over time. "Initially, the STOP tool will be effective. But we must be prepared for the fact that at some point, fraudsters will be able to circumvent it, requiring the implementation of other tools," he said.
Azatyan did not provide statistics on fraud cases, noting that the relevant data is available to law enforcement agencies.
According to previously published information, the STOP mechanism has been in effect at Armenian financial institutions providing remote services since July 1, 2026. This mechanism allows clients to independently restrict individual transactions or completely block remote financial services. All banks and other financial institutions subject to relevant Central Bank regulations have implemented the mechanism.