The president of the Banks Association of Armenia, Daniel Azatyan, addressed cases of customer fund theft, stating that over 500 fraud‑affected individuals have already signed relevant agreements. The Association was actively involved in this process, collaborating with the Central Bank and private banks, with the incidents thoroughly studied internally and by law enforcement .
He added that broad measures have been implemented to prevent similar incidents in the future. Azatyan emphasized that unlike in countries with sophisticated digital banking systems, here fraud stemmed not from hacking banks’ electronic systems but from customers’ low financial literacy leading to data breaches .
It was decided that all banks would not only freeze claims on loans but also sign agreements with the majority of affected individuals that no demands will be made until investigations conclude. If it is established that a citizen exhibited a very high level of culpability, banks will only then begin to reclaim the money. To date, over 500 citizens affected by fraud—including cases from 2024 and 2023—have signed such agreements .
Earlier, Armenian law enforcement reported that fraudsters had stolen 119 million Armenian drams from several banks in the country.
