To reduce the risks of financial fraud, the Stop tool has been available in the country since July 1. Each bank or financial organization is required to have this tool in their mobile application, which allows users to block financial transaction possibilities.
At a press conference held at the Armenpress press center, Armenuhi Mkrtchyan, head of the Consumer Support Center of the Central Bank of Armenia, reported that most banks already have this tool and have informed their customers.
“There are already many customers who have used this tool. Citizens can block services either individually or together. Each person must assess how much they use certain services and decide whether they want to block them or not. For example, if a citizen blocks the possibility of obtaining an online loan, it means they will no longer be able to use it until they go to the bank and unblock it,” said Armenuhi Mkrtchyan.
The services offered under the Stop tool include: transfers and payments to other individuals, card-to-card transfers, online card purchases and payments, linking a card to an electronic wallet or a new device, obtaining a new loan, early termination of a deposit or remote withdrawal from it, opening a new account or issuing a new payment card.
“If you receive a call and realize that a fraudster has gained access to your digital application data, you need to respond quickly and block all transaction possibilities using the Stop tool. Then you can go to the bank for clarifications, but at that moment, you have a great opportunity to block everything,” said Armenuhi Mkrtchyan.
This new tool will help reduce risks, but the problem will not be eliminated, as fraud mechanisms are constantly improving, and anyone can become a victim.
“Therefore, our recommendation is not to share personal data with others, not to click on suspicious, unknown links, and in case of suspicious calls, to personally contact the bank for clarification. I assure you, you will not receive calls from the National Security Service, the Central Bank, or the government office instructing you to take urgent steps. It is important to be attentive and vigilant,” said Armenuhi Mkrtchyan.
In 2025, 1102 cases of fraud were registered in the country, causing a loss of 876 million drams. Out of the total cases, 643 involved online loans. Fraudsters gain access to the necessary data for entering the digital application by gaining the trust of the citizen.
Armenuhi Mkrtchyan noted that compared to other countries, this fraud rate is relatively low, but this does not mean it will not increase. Therefore, protective tools to reduce risks need to be implemented.
