Central Bank of Armenia and Cyber Police Warn of New Online Financial Scams

On August 17, the Central Bank of Armenia and the Cyber Police released official statements highlighting a new wave of online scams. Cybercriminals are increasingly attempting to exploit citizens for money laundering and extortion purposes.

Money Laundering and "Money Mules"

According to the Central Bank of Armenia, there has been a rise in cases where unknown individuals offer "easy income" on social media platforms and dating websites. Scammers ask users to provide access to their bank cards, personal accounts, and cryptocurrency wallets to receive and transfer funds. Individuals who participate in these schemes, often referred to as "money mules," inadvertently become accomplices in the laundering of illicit funds.

The Central Bank of Armenia emphasizes that such actions can lead to severe legal consequences, even if the individual did not profit from the transactions or realize the true nature of the scheme. In its official warning, the regulatory body stated:

"Remember, your accounts and financial instruments are intended exclusively for your personal use."

Fake Online Job Offers

At the same time, the Cyber Police warns of scammers operating under the guise of the global e-commerce company "Alibaba." Fraudsters are circulating fake advertisements on messaging apps like Telegram and WhatsApp, promising high-paying remote jobs. To start working or to withdraw supposed earnings, victims are instructed to transfer money to specific bank accounts. Once the transfer is complete, the scammers disappear.

How to Protect Yourself

To help citizens avoid financial losses and potential criminal liability, the authorities recommend the following safety measures:

• Never accept offers to transfer or cash out someone else's money using your personal banking details.
• Do not share your bank card information, passwords, one-time passwords (OTPs), or grant remote access to your devices to anyone.
• Never transfer money to strangers in exchange for a promised job opportunity.
• Do not enter your card's CVV/CVC codes on suspicious or unverified websites.