To reduce the risks of financial fraud, the Stop tool has been available in the republic since July 1. Each bank or financial organization must have this tool in its mobile application, which allows the user to block the possibilities of financial transactions.
«Armenpress»- At a press conference held at the Consumer Support Center of the Central Bank of Armenia, the head of the center, Armenuhi Mkrtchyan, informed 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 which services and decide whether they want to block them or not. 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 new device, obtaining a new loan, early termination of a deposit or remote withdrawal of funds 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 will go to the bank for clarification, but at that moment it is a very good 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 advice is not to share personal data with others, not to click on suspicious, unfamiliar links, and in case of suspicious calls, to personally contact the bank for clarification. I assure you, you will not receive calls from the NSS, the Central Bank, or the government office of Armenia telling you to urgently take any steps. You need to be attentive and vigilant,” said Armenuhi Mkrtchyan.
In 2025, there were 1102 registered cases of fraud in the republic, with damages amounting to 876 million drams. Of the total cases, 643 involved online loans. Fraudsters, by gaining the trust of citizens, obtain the data necessary to access the digital application. Armenuhi Mkrtchyan noted that compared to other countries, this fraud rate is quite low, but this does not mean it will not increase. Therefore, it is necessary to implement protective tools that reduce risks.
