From July 1, 2026, a new tool to protect clients of financial organizations will be launched in Armenia. According to the Central Bank of Armenia, users will be able to independently block certain financial transactions performed online directly through mobile banking or the bank's website.
With this feature, it will be possible, for example, to prohibit the issuance of online loans, withdrawals from deposit or savings accounts, as well as a number of other remote transactions. If necessary, the restrictions can be lifted, but this will require proof of identity and completion of the identification procedure.
The regulator believes that the new mechanism will allow customers to better control actions taken on their behalf and will provide additional protection against fraud. After the rules come into force, such a tool will become mandatory for banks, branches of foreign banks, credit organizations and companies providing remote financial services. 💳🔒
