Beware of Financial Scams: Bhutanese Abroad Lost Nu 10M+ in First Half of 2024
As the number of Bhutanese citizens venturing abroad increases, so does the risk of financial fraud. In the first two and a half months of 2024, the Royal Bhutan Police (RBP) reported 13 financial scam cases, surpassing the 15 cases documented in the previous year, at a cost of around Nu 10M.
Techniques Used by Scammers
Some common methods used by scammers include:
- Falsely advertising lottery wins
- Hyping investment opportunities
- Peddling Bitcoin and other cryptocurrencies
Student scammed out of Nu 100,000
A case in point is that of a student awaiting a visa to study abroad, who lost over Nu 100,000. The scammer contacted the victim, posing as an official from the Bhutanese embassy and demanded personal and financial details to facilitate the visa process.
The incident took a sinister turn when the scammer demanded information about the student’s siblings, threatening retaliation if the information was not provided. When the victim reported the matter to the Department of Law and Order (DLO), they froze the scammer’s bank account.
DLO’s Public Notification and Recommendations
The DLO identified that scammers often pose as officials from Bhutanese embassies or visa offices, requesting personal information such as citizenship identity card numbers, bank account numbers, and OTPs. Once obtained, these details are used to gain unauthorized access to bank accounts and execute fraudulent transactions.
To combat this trend, the DLO, Royal Monetary Authority (RMA), GovTech, and financial institutions have come together to promote awareness about these scams through the following recommendations:
- Never Share OTPs: The DLO issued a public notification on February 9, 2024, urging the populace to refrain from sharing OTPs with anyone, even if the call appears to be from a bank official.
- Banks will never request OTPs: Banks have been informing their customers via bulk SMS that they will never request OTPs or mobile app login pins from their clients.
- Do not lend, share, or rent out bank accounts: The RMA advises against lending, sharing, or renting out one’s bank accounts, as this may facilitate fraudsters in carrying out illegal transactions.
Prosecute Victims?
Victims of such financial scams may be prosecuted under the law if their accounts are implicated in these activities, regardless of their involvement or knowledge.
Staying Vigilant in the Digital Age
With the increasing number of opportunities abroad comes the risks associated with financial scams. It is crucial that Bhutanese citizens remain vigilant in today’s digital age to protect themselves from potential fraudsters.
By Kinzang Lhadon & Kinley Dem Edited by Sherub Dorji