Armenia to introduce mobile banking block tool from July

Armenian consumers will be able to block online financial transactions through mobile banking apps and company websites starting 1 July, the Central Bank of Armenia (CBA) reports.

The new tool will allow users to restrict online loan applications, withdrawals from savings accounts and other remote operations with a single tap. Any attempt to lift the block will require full identity verification.

The CBA says the measure is designed to give customers greater control over their accounts and reduce the risk of fraud. Banks, foreign bank branches, credit organizations and payment service providers offering remote financial services will be required to implement the system.

The Central Bank will issue further guidance to consumers on how to use the tool.