Central Bank Governor: Only 0.1% of loans are related to banking  fraud and cyberattacks

ArmInfo. In the Armenian banking system's total loan portfolio, loans related to banking fraud and  cyberattacks make up only 0.1%. This was stated by the Chairman of the Central Bank of the Republic of Armenia, Martin Galstyan, during a press conference on May 6, while addressing the growing incidence  of banking fraud in some banks in the country. 

He noted that the Regulator will consider each case separately to  determine the causes and respond - they may be linked to the product,  regulation, or citizens negligence. The discussions with banks, as  Galstyan noted, has led to an agreement on finding comprehensive  solutions. He noted  that credit obligations related to fraud are  currently frozen.  He emphasized the importance of  proper regulation  for addressing issues arising from innovations, aiming to strike a  balance between fostering innovations and safeguarding consumers from  significant issues.

Galstyan  noted with regret that the Regulator is not able to monitor  all products issued by banks, as about 10 people work in the relevant  department, and the number of products reaches 7,500. "We understand  the challenges and are trying to provide systemic solutions as  quickly as possible," he said, adding that the Central Bank is  currently conducting a in-depth studies in 3-4 banks.