In recent months, Armenia has witnessed a worrying surge in digital deception. From investment fraud to so-called “romance scams,” a wave of cybercrime is quietly eroding public trust and draining individual savings. These developments were confirmed by officials at the Central Bank of Armenia (CBA) during a recent press conference, highlighting a trend that signals a new era of criminal innovation in the region.
A New Chapter in Fraud: Cybercrime Replaces Traditional Corruption
According to Artur Davtyan, Head of the CBA’s Business Behavior Control Department, Armenia is now experiencing a sharp rise in fraud cases tied to investment cons and emotional manipulation – often referred to as “romance scams.” These scams, which exploit personal relationships or fake financial opportunities, have become increasingly prevalent, reflecting a global trend that has now taken firm root in the South Caucasus.
While Armenia has historically contended with political and financial corruption issues, this new wave of digitally enabled fraud represents a shift in scale and sophistication. Davtyan warned that these schemes are especially dangerous because they often go unreported, leaving victims ashamed or unaware they’ve even been deceived.
Imported Deception: The Migration Factor
One of the more unsettling revelations from the press conference was the link between recent migration waves, particularly from Russia and Ukraine – and the spike in phishing activity. As many migrants have relocated to Armenia due to ongoing regional instability, some have brought with them not just their skills and savings, but unfortunately, also criminal know-how.
Although Davtyan did not provide specific numbers, the CBA has observed an “imported” wave of phishing scams that use familiar but highly effective methods: fake emails, cloned websites, and urgent messages designed to trick recipients into revealing personal or financial information.
The Mechanics of Manipulation
Vladimir Karyan, an analyst in the CBA’s Operational and IT Risk Department, clarified that while these incidents are commonly labeled “cybercrimes,” the majority fall under the umbrella of social engineering—psychological manipulation used to gain trust, exploit emotions, or create panic to trigger rash decisions.
Romance scams are a prime example. Typically, scammers develop online relationships with victims over weeks or months, eventually convincing them to send money or invest in fake business opportunities. These crimes are rarely technologically advanced, but they are devastatingly effective.
Phishing works in a similar psychological fashion—posing as banks, tax authorities, or even trusted institutions, scammers send urgent-looking emails that direct users to fraudulent websites. Once a user enters their login credentials or financial details, the damage is done.
Not Just a Technical Threat
While Armenia has largely avoided the direct targeting of financial institutions – such as the theft of funds or databases through cyberattacks- this should not create a false sense of security. The lack of institutional breaches does not mean the ecosystem is safe; it simply highlights that the true targets, for now, are individual citizens and small businesses.
The long-term risk is twofold: first, the erosion of public confidence in digital infrastructure, and second, the potential for reputational damage that could deter foreign investment and fintech growth in the country. If left unchecked, this trend could undermine the very financial modernization Armenia has been striving for.
Time for a Coordinated Response
What’s needed now is not only vigilant monitoring – which CBA officials claim is ongoing – but public education campaigns, stronger digital literacy, and cross-border cooperation. Fraudsters do not respect borders, and Armenia’s integration into global tech ecosystems must be met with proportional safeguards.
The Armenian government, civil society, and private sector must collaborate to build resilience against digital exploitation, particularly among vulnerable populations such as the elderly or recent tech adopters. At the same time, law enforcement and regulatory bodies should enhance their investigative tools and develop harsher penalties for those caught perpetrating fraud.
Conclusion: A Warning Sign for the Region
Armenia’s experience is not unique—it mirrors trends seen in Georgia, Azerbaijan, and beyond. But it is a canary in the coal mine. As the South Caucasus becomes increasingly connected to global networks, the risks of cyber fraud and social engineering will only escalate.
This is no longer just a technical issue for IT departments. It is a societal, financial, and moral issue – and Armenia must act swiftly before a trickle of fraud becomes a flood.