Acba Bank, in cooperation with EFES Insurance company, has introduced a new service in Armenia – bank account insurance against cyber fraud. The product compensates clients for financial losses if they fall victim to theft through social engineering, phishing, fake websites, or phone scam schemes.
Policy issuance is available directly in the acba digital application and takes just a few clicks. The service costs 99 drams per month. The insurance covers all types of accounts – current, savings, deposit, and card accounts, making the product universal for retail clients.
The companies note that the service has become an additional layer of protection amid the rise in cybercrime. At the same time, banks continue to use multi-level security systems, and the new product is designed to reduce clients' financial risks and compensate for potential damage in the event of successful fraud attacks.