In 2024, Armenian banks reported 1,084 fraud cases to the Central Bank of Armenia. A year later that number had climbed to 1,690, a clear sign that financial scams are spreading faster and growing harder to recognize. Together with the Central Bank, we walk you through the most common schemes operating in Armenia today and the simple steps that can keep your money safe.
1. Fake advertisements from financial organizations on social networks
Scammers post advertisements on social networks (mainly Facebook) promising profits/bonuses after completing certain steps or answering questions. Victims believe these ads and click on fake links, then enter their card or mobile application details (username, password, PIN, or one-time verification codes). This gives the scammers access to personal funds or allows them to take out loans in the victim’s name.
2. Fraud on the online sale platforms
A potential victim posts an offer to sell or rent out personal property. Fraudsters contact the victim, pretending to be interested, and ask for bank card details or send a link, asking the victim to select their bank and fill in their mobile banking details so that they can “pay” a deposit. In such cases, the fraudsters usually claim to be individuals living in a distant region or abroad, saying that an online payment is their only option.
3. Fake links pretending to be from postal services
Scammers send bulk SMS messages to potential victims’ mobile phones, claiming that they have a parcel to receive, and in order to get it, they need to click on a link and pay a small amount of money. Victims click on the link and enter their card and mobile banking details.
4. Fake crypto or investment offers
On social communication platforms (mainly Telegram, Viber, WhatsApp, Facebook), fraudsters present fake investment offers promising high profits in the future. Victims who believe the fraudsters, transfer money to them. There have been numerous cases where victims were provided with fake platforms to track their supposed investments and the “big profits” they could withdraw. They were then told that additional funds needed to be paid due to tax/AML/CB requirements before they could withdraw their money.
5. Access to phone for 5G configuration
Hackers pose as representatives of mobile phone companies and inform potential victims they need to make changes to their phone’s settings in order to unlock 5G service and provide faster internet access. As a result, the victim downloads a program that allows the hackers full access to the phone, including mobile apps. There have also been cases where victims simply shared their phone screen with the hackers. Once they gain access to the phone, the victim can no longer control it or any of their banking and payment apps.
6. Card fraud
On fake online sales and service platforms, victims link their cards but end up not receiving any service. Often, additional charges are made to their cards without consent. This type of fraud has been happening from 2022 to 2025.
Red f lags
What to watch out for when dealing with financial products or investment offers.
1. Is it unexpected? Scammers often call out of the blue. They may also try and contact you through email, text, post, social media, or even in person.
2. Do you feel pressured to act quickly? Scammers might offer you a bonus or discount if you invest quickly, or they may say the opportunity is only available for a short time.
3. Does the offer sound too good to be true? Fraudsters often promise tempting rewards such as high returns on an investment.
4. Is the offer exclusively for you? Scammers might claim that you have been specially chosen for an investment opportunity, and it should be kept confidential.
5. Are they trying to flatter you? Scammers often try to build a relationship with you to put you at ease.
6. Are you feeling worried or excited? Fraudsters may try to influence your emotions to get you to act.
7. Are they speaking with authority? Scammers might claim that they are authorized and often appear knowledgeable about financial products.
What you can do
1. Be cautious when providing personal information
Never share your mobile/online banking usernames and passwords, card details (CVV, expiration date), or any confirmation codes (received by SMS or email). Banks and government institutions will never ask for this information. Never share your passport details with suspicious individuals or websites. Do not post personal information on social media, forums, or other websites, and do not store banking details or passwords on your computer or phone.
2. Beware of suspicious calls
If you receive a call from an unknown number claiming to be from the Central Bank, law enforcement, or banks, and offering suspicious deals (e.g., asking you to access mobile banking or cancel transactions), hang up immediately. If you’re unsure, call your bank using the official number from your card or their website.
3. Don’t make financial transactions at the request of unknown individuals
If someone contacts you through social networks or calls, claiming to be from the Central Bank and asks you to transfer money to “protected” or “special” accounts, or to apply for a loan, do not take any action. The Central Bank does not provide individual banking services.
4. Secure your devices
Ensure your computer and mobile phone have up-to-date antivirus software. Do not share passwords for these devices with anyone, even close family members.
5. Check websites before making purchases
Use a separate bank card for online purchases. Only credit the amount necessary for your purchase. Ensure the website you are using is secure by checking for “https://” in the address or a padlock symbol. Avoid entering your personal details on suspicious sites.
6. Do not enter personal information when using unknown links
Avoid clicking on suspicious links in emails offering prizes, surveys, or easy money. Be cautious of messages that demand immediate action, ask for personal details, or contain hidden threats.
7. Be cautious when using online marketplaces or rental pages
Before any transactions, verify the identity of the buyer, seller, or renter. Never click on random links you have received. Remember, you don’t need to access mobile banking or other websites to receive money, and you should not provide your personal or banking details, even for quick money transfers.
Where to turn for help
In cases of suspected fraud or disputes with financial institutions, you have access to several channels for support and resolution. The first step is to contact your bank or financial institution and submit the issue for examination. Financial institutions are required to review complaints and provide a response within a defined timeframe.
If the issue is not resolved, you may submit a complaint to the Office of the Financial System Mediator, which offers a free and impartial mechanism for resolving disputes related to the responsibilities of financial institutions.
You can also go to court to seek legal resolution of the case. In parallel, broader consumer protection and financial system oversight functions are carried out by the Central Bank of Armenia, including through regulatory frameworks and financial education initiatives aimed at strengthening consumer resilience.
