Financial Crime World

Cyber Fraud in Finance Plagues Armenia, Experts Gather for Training Session

Armenia is facing a growing threat of cyber fraud in its financial sector, prompting international organizations to step in and provide training to local authorities. The Office of the Co-ordinator of OSCE Economic and Environmental Activities (OCEEA) and the United Nations Office on Drugs and Crime (UNODC) recently gathered 23 representatives from Armenia’s public sector for a targeted training session aimed at strengthening the country’s capabilities in investigating crypto-related crimes.

Training Session Focuses on Advanced Techniques

The three-day training, held in Yerevan from June 12 to 14, focused on advanced techniques and practical skills in tracing criminal transactions across different blockchains, as well as real-world case studies. Participants also received an orientation to specialized analytics software and open-source tools commonly used by law enforcement agencies worldwide.

OSCE Prioritizes Combating Financial Crime

According to Vera Strobachova- Budway, Acting Senior Economic Officer at OCEEA, one of the organization’s top priorities is ensuring Armenia’s ability to address financial crime, particularly involving virtual assets like cryptocurrencies. “We work closely with Armenian national agencies engaged in combating financial crime, with a particular focus on money laundering,” she said.

Second Training Session Marks Continued Support

The training session marks the second time that OSCE has provided such expertise to Armenian authorities, and the organization plans to continue supporting Armenia’s efforts to combat money laundering through virtual assets. The project is funded by Germany, Italy, Poland, Romania, the United Kingdom, and the United States as part of an OSCE extra-budgetary initiative aimed at building national capacities to mitigate criminal risks related to virtual assets.

Experts Warn of Growing Menace

As cyber fraud continues to pose a significant threat to Armenia’s financial sector, experts warn that the country must take decisive action to strengthen its defenses and prevent the misuse of cryptocurrencies for illegal activities. The recent training session is seen as a crucial step in this direction, equipping Armenian authorities with the skills and expertise needed to combat the growing menace of cyber fraud.

Key Takeaways

  • 23 representatives from Armenia’s public sector participated in the three-day training session
  • The training focused on advanced techniques for tracing criminal transactions across different blockchains
  • OSCE will continue to support Armenia’s efforts to combat money laundering through virtual assets
  • Experts warn that Armenia must take decisive action to strengthen its defenses against cyber fraud