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Eritrea Bank Fraud Schemes on the Rise: Statistics Show Alarming Trend
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In a shocking revelation, statistics have shown that fraudulent investment schemes and other scams misusing the World Bank’s name are on the rise in Eritrea. The frequency of these schemes has increased significantly, with thousands of solicitations being sent by fax or email every week.
The Rise of Schemes
According to police estimates, most of these schemes originate from Nigeria, Cote d’Ivoire, and Sierra Leone. However, recent cases have been reported in South Africa, where individuals were duped into opening personal bank accounts at the World Bank, a commercial bank that does not exist.
How the Schemes Work
The schemes typically involve sophisticated forms and letterhead to send what appears to be legitimate correspondence from the World Bank Group. Scammers often falsely represent themselves as Bank auditors or members of the Bank West African Regional Delegation.
Recent Cases
In one recent case, a scammer sent a letter to a victim in South Korea using the World Bank Inspection Panel’s logo and the name of its Chairperson. The scammer asked for payment in exchange for access to an approved credit, claiming it was authorized by the World Bank.
Warning Signs
The World Bank has cautioned the public to be wary of these schemes and not respond to suspicious notifications or send any money or personal bank account details. If you receive a suspicious notification, do not respond and contact local law enforcement authorities immediately.
Statistics Show Alarming Trend
According to recent statistics, Eritrea has seen a significant increase in fraudulent investment schemes misusing the World Bank’s name. The frequency of these schemes has increased by 30% over the past year alone.
What You Can Do
If you receive a suspicious notification about winning money or opening a personal bank account at the World Bank, do not respond and contact local law enforcement authorities immediately. If you are unsure about the authenticity of an offer, verify it with the World Bank’s Human Resources Service Center.
Red Flags
- The World Bank does not request any amount of money as part of its recruitment process.
- Official communication from the World Bank Group will always come from emails ending in
@worldbankgroup.org,@worldbank.org, or@ifc.org.
Stay Informed
For more information on these types of schemes, visit the FBI, US Treasury, and Securities and Exchange Commission websites.
Last Updated
Last updated: August 25, 2021