A new protective mechanism called 'Stop' is now operational in Armenia's financial system, allowing citizens to voluntarily block remote financial services, either individually or all at once. Established by the Central Bank, the requirements of this regulation apply to all licensed banks in the country, branches of foreign banks, credit organizations, and payment and settlement companies carrying out money transfers.
Through this new tool, citizens can easily restrict remote money transfers, payments to third-party accounts, card and certain credit operations, specific deposit actions, as well as the opening and issuance of new accounts or cards. Activating the 'Stop' function does not mean that consumers lose their rights to their accounts, deposits, or loans. Only the ability to perform transactions remotely is restricted, while account, deposit, and loan balances remain fully accessible to the citizen.
Financial institutions are required to make this tool available in their digital applications via a separate, visible, and clearly designated button. Additionally, the system can also be activated at the company's office or via a phone call.
Amid the growing volume of digital fraud, introducing such a protective system was a vital necessity. It is especially important that the blocking process is streamlined as much as possible and directly accessible within the banking app.
However, the system's effectiveness largely depends on the level of public awareness, as quick orientation during a moment of danger becomes critical. For financial institutions, this also represents an added responsibility to ensure the seamless operation of the system through phone calls and applications.
