Tools Used by Fraudsters Are Becoming Increasingly Complex, Says Central Bank President

There has been a significant decrease in financial fraud statistics in Armenia following recent changes made by banks to their internal systems. This was announced by the President of the Central Bank of Armenia, Martin Galstyan, during a press conference with journalists.

“The tools or tricks that fraudsters use are becoming increasingly complex. From that perspective, communicating to people is also becoming more challenging for us. The methods of fraudsters are becoming more skilled and creative. Of course, to enhance security, we will also employ the Central Bank,” said the Central Bank president.

According to him, fraudsters mainly target individuals who are financially more stable. Galstyan once again urged the public to be very careful about their personal data.

“I am personally a victim of cyberattacks, meaning that I am constantly targeted for attacks on my email address. I never hesitate to call our IT security, asking what to do, what the protocol is, and I act according to the protocol. People should behave the same way because it doesn’t matter if you are the president of the Central Bank, a teacher, an architect, or a financier; you must follow specific hygiene rules according to which you should never share your personal data with anyone, no matter what excuse they try to convince you with,” said Galstyan.

He assured that attempts by fraudsters on his accounts had been unsuccessful, as Armenia has one of the best IT security systems in the world.