The Lack of media literacy among the general public can result in various undesirable outcomes. Given the current geopolitical situation, media literacy is often discussed in the context of information warfare. During the Covid pandemic, people’s health could be endangered due to the spread of deceitful information.

The significant economic harm inflicted by deceitful actions on the Armenian people is becoming increasingly concerning.

People fall victim to various scams spread through social media. Ads promising investment opportunities in large, reputable companies or the cryptocurrency market and online work with re-investment options that claim to yield high earnings are common tactics scammers use.

An example of a deceptive investment advertisement on Facebook.

Numerous deceptive schemes out there can lure people into giving away their money, to the extent of even borrowing large sums. Regrettably, these fraudulent activities can impact a vast part of the population.

Based on the data I’ve received, hundreds of thousands of dollars are sent to unknown destinations from Armenia and are lost monthly. The actual numbers may be significantly higher. It is difficult to determine the true extent of the issue since many victims do not report their cases to law enforcement.

You can learn more about fraudulent investment programs and their tactics in the video.

You can learn about cryptocurrency scams here.

Deceptive actions of this kind can cause lasting harm to the public’s perception.

A lot of people are eager to put their earnings into the economy. The rise in fraudulent activity can result in the public losing trust in the financial industry. The money will be withdrawn from the economy and kept in the traditional Soviet manner, “under the mattress.”

International cybercriminal groups carry out scams with outstanding professionalism, making it nearly impossible to detect them. As a result, trust in the law enforcement sector is diminished. So, the negative impact on the public is great; this harm extends beyond the impact on individual Armenian families.

A question arises: what can be done? The solution lies in increasing the media literacy level in Armenia. However, in this particular situation, more than merely doing that is required. It is imperative to undertake extensive efforts to enhance public financial literacy. Moreover, motivated parties, including the central bank and the overall banking system, are involved in this issue.

Considering the fact that Armenia is plagued by various forms of fraud that have been perfected globally over the years, it is highly likely that the situation will worsen without significant intervention.

Samvel Martirosyan