Protecting from scams
Protect Yourself From Scams
It is important to know how to spot the warning signs of investment, pension, and other financial scams.
Many scammers perform fraudulent representations of the CBA as it may ask consumers to transfer money, for instance.
Spot the warning signs
Scams can be difficult to spot as they can be convincing and realistic including websites and materials that look identical to the real thing. However, if you have been contacted unexpectedly or are suspicious about a call or text message, make sure you stop and check the warning signs.
7 signs of scams are:
- Is it unexpected? Scammers often call out of the blue. They may also try and contact you through email, text, post, social media, or even in person.
- Do you feel pressured to act quickly? Scammers might offer you a bonus or discount if you invest quickly, or they may say the opportunity is only available for a short time.
- Does the offer sound too good to be true? Fraudsters often promise tempting rewards such as high returns on an investment.
- Is the offer exclusively for you? Scammers might claim that you have been specially chosen for an investment opportunity, and it should be kept confidentially.
- Are they trying to flatter you? Scammers often try to build a friendship with you to put you at ease.
- Are you feeling worried or excited? Fraudsters may try to influence your emotions to get you to act.
- Are they speaking with authority? Scammers might claim that they are authorized and often appear knowledgeable about financial products.
If you stumbled upon these scenarios, or you are unsure if a contact is genuine, follow the steps below to protect yourself.
Step 1. Check if the firm or individual is authorized.
Step 2. Contact us. If you are unable to check the details of a financial firm or individual, find out how to contact us. Our team can check the details you provide and help you.
Learn more about insightful guidelines here (abcfinance.am LINK).
How to protect yourself
Some Dos and DON’Ts will help you reduce the risk of being trapped with scams.
Do:
- treat all unexpected calls, emails, and text messages with caution even if the person knows some basic information about you.
- hang up on calls and ignore messages if you feel pressured to act quickly. A genuine bank or business will wait if you need time to respond.
- check your bank account and credit card statements regularly.
- consider getting independent financial advice or guidance before a crucial financial decision from formal financial institutions the contract of which you can find at Register.
- check the Warning and Alerts from CBA.
- check overseas regulators in case you work with an overseas firm (in addition to checking the list of scam warnings from overseas regulators).
Don’t:
- give out your bank account or credit card details unless you are certain about who you are dealing with.
- share your passwords with anyone (including your social media passwords).
- give access to your device by downloading software or an app from a source you don’t trust. Scammers may be able to take control of your device and access your bank account
What to do if you’ve been scammed
Think you have been scammed? These steps will help you take action to limit the damage.
See ‘What to do if you’ve been scammed’[1] here ( link to abcfinance.am).
If you are concerned about a potential scam, or you assume that a fraudster may have contacted you, report it to us. This could help prevent others from falling victim to the same criminal.
Call us on 010 592 592 or use our contact form to get in touch.
- File a claim to the Police:
For anything we don’t regulate, or if you lost money to a scam, contact the local Police station.
It is important to be cautious if you have already been scammed. Fraudsters could try and target you again, or they may sell your details to other criminals.
The new scam might be completely different, or it could be related to the previous scam. For example, you could be contacted with an offer to get your money back or to buy back an investment after you pay a fee. These are known as recovery room scams.
If you have any concerns at all about a potential financial scam, contact us immediately at 010 592 592.
Check If The Firm Is Licensed
In Armenia, almost all financial institutions should be either licensed or registered by the CBA. They are known as the Register of Financial Institutions.
To be protected and avoid fraudulence when buying financial products and services:
Find the legal business name, license number, or state registration number of the financial organization. Visit the official website of the Central Bank of Armenia; make sure to always use our website to visit the Register. Check that the firm business name, license number, state registration number, and contact details you’ve been given match the details on the Register.
- Only use the contact details listed on the Register. Never click on links in emails or on company websites. It could be part of the scam.
If there are not any contact details listed on the Register, or the firm says that they are out of date, call CBA on 010 592 592.