RA Prosecutor General urges financial institutions to take additional  measures to protect citizens from cyber fraud

ArmInfo.  The Prosecutor General's Office of Armenia has sent a petition to the Central Bank of the country requesting additional measures to protect citizens  from cyber fraud, as stated by Prosecutor General Anna Vardapetyan in  the National Assembly on May 6.

According to her, a similar proposal has been sent to the Union of  Banks. As a result of these measures, the number of frauds using  modern electronic systems has significantly decreased. The Prosecutor  General recalled the citizen protests outside the supervisory  authority and the Central Bank. Many of them were unaware of the  loans issued in the names of the defrauded individuals, which were  done using information that the victims never disclosed to anyone. As  a result of proactive measures initiated by the Prosecutor General's  Office, banks in Armenia are required to compensate clients if fraud  is proven to have occurred due to a security breach, technical flaws,  or improper client identification. The Prosecutor General has  proposed that banks expand their staff to identify the true  recipients  of loans through phone calls.