Protect Yourself from Fraud: Safety Tips from AraratBank

Fraudsters are continuously changing and improving their methods, using new schemes to steal money.

Although it is impossible to provide a complete and comprehensive description of all types of fraud due to their evolving nature, customers can visit the official website of AraratBank to learn about the most common fraud schemes identified recently. Through these schemes, fraudsters may may gain access to customers’ devices and carry out various actions, including applying for loans, transferring funds, blocking devices and performing other actions.

The article also includes a number of security rules and recommendations aimed at preventing card fraud.

Information on the most frequently encountered fraud cases in recent periods, together with key protective measures, is available on the Bank’s official website.

Scheme 1: Fraudsters call individuals, posing as representatives of a telecommunications company offering 5G internet services. They then request that users make certain adjustments on their mobile phones. As a result, the fraudsters gain remote access to the device and the applications installed on it, including banking apps.

Scheme 2: Fraudsters contact individuals through various communication channels and inform them that their mobile operator contract has expired and needs to be renewed.

To protect yourself from these two schemes:

• Do not follow any instructions provided by unknown individuals.
• Do not provide remote access to your mobile device.
• Do not download suspicious applications or software.
• In case of any doubt, immediately contact the relevantg service provider or the bank.

Scheme 3: Fraudsters may use artificial intelligence to imitate people’s voice or create fake profiles on Viber, WhatsApp, or other platforms using photos of relatives or friends to send messages. Impersonating a trusted contact, they may request money transfers, personal and card details, or one-time passwords (OTP).

Recommendations:

• Do not rely on a call or message based only on a photo or voice as proof of identity.
• Before transferring money or sharing any information, verify the request by contacting the person through another communication channel.
• Never share card details, passwords, or OTPs.
• Immediately stop communication and contact the relevant person or the bank in case of suspicious calls or messages.

Scheme 4: Fake pages appear on social media, posting promotional advertisements in the name of various companies. Please remain vigilant and avoid responding to these advertisements in any form.

Recommendations:

• Do not share personal or bank card details;
• Do not click on unknown links;
• Use only official sources to obtain information.

Scheme 5: After posting a sales advertisement on a platform such as List.am, fraudsters may contact the seller while posing as potential buyers and deceive the customer into becoming a victim of fraud.

Customers should remain vigilant, as card fraud schemes become particularly active during periods of major discounts and promotional campaigns. To ensure the protection of card data and funds, and taking into account the increase in online transactions and fraud cases during such periods:

• shop online only from trusted and verified websites.
• before making an online purchase, check reviews and feedback on the store, and make sure the site was registered at least a year ago.
• shop only from secure websites and make sure that the website uses “https://” and is trustworthy.
• verify that the website provides complete store contact information, including address, phone number, email address, and detailed information on shipping address and return policies.
• contact the store in advance when making major purchasing decisions and trust only reasonable discounts.

• in the case of discounts and attractive offers, avoid clicking on suspicious links.

• do not share your card password, CVV code, or OTPs.
• immediately end suspicious or unfamiliar phone calls and contact the Bank upon receiving suspicious messages.

• pay attention to website address, as fraudsters often change one or two letters in the names of official websites.

Scheme 6. Recently, there has been an increase in fraudulent calls and messages impersonating banks, through which fraudsters attempt to obtain customers’ card and personal data by offering various prizes, rewards, or promotional offers.

Please remain vigilant and remember:

• The Bank never requests card details, PIN codes, CVV code, or one-time passwords.

If you receive suspicious calls, please contact your mobile operator or call AraratBank at +374 10 59 23 23.

AraratBank is regulated by the Central Bank of the Republic of Armenia.