Financial Crime World

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MONACO BANKS WARN OF FRAUDULENT ACTIVITIES

Monaco’s banking sector has been rocked by a wave of fraudulent activities, with scammers impersonating Barclays to dupe individuals and businesses out of their hard-earned cash.

Warning Signs

Fraudsters are claiming to be representatives of Barclays, offering investment opportunities such as:

  • Mortgage deals
  • Investment bonds
  • Online trading

But victims are being warned to be vigilant and not fall prey to these scams. If you’ve been approached with an investment opportunity by someone claiming to be a Barclays representative, it’s likely to be a scam.

How to Avoid Scams

Banks are urging customers to verify any requests for investment opportunities through:

  • Relationship Manager
  • Calling the bank directly

What to Do if You’re Already Scammed

If you think you’ve made a payment in relation to a fraudulent investment opportunity or scam, contact your bank immediately and file a complaint with local police.

Understanding Fraud and Scams

The Difference Between Fraud and Scams

While the terms “fraud” and “scam” are often used interchangeably, there is a key difference:

  • Fraud occurs without your participation or knowledge.
  • Scams rely on your involvement.

Examples of fraud include:

  • Identity theft
  • Card skimming

Scams, on the other hand, involve direct requests for money and can seem extremely plausible.

Staying Safe in the Digital Age

To keep you and your money safe, Barclays is providing extra tools and guidance to help you stay safe online. Read about our new Cyber security third-party referral service, designed for ultra-high net-worth clients and family offices with evolving cyber security needs.

Reporting Fraud

If you suspect there has been any type of fraud on your account, it’s crucial that you speak to us immediately. You can view the contact details of our local office to report any suspicious activity.

By staying informed and taking proactive steps to protect yourself and your business, you can avoid falling prey to these fraudulent activities in Monaco’s banking sector.