Financial Crime World

Guinea Warned Against Online Scams and Fraudulent Schemes

The Bank of Papua New Guinea (BPNG) has issued a stern warning to the public to be cautious of online scams and fraudulent schemes that have been on the rise in the country.

The Risks are Real

According to BSP Financial Group Limited, these schemes are largely facilitated via social media platforms such as Facebook. The company’s CEO, Mark Robinson, emphasized that BSP is not associated with any online investment or scam activities and will not be liable for any transactions with individuals, groups, or associations involved in such activities.

Warning Signs

Robinson warned the public to exercise extreme caution when approached with offers promising high returns. Some individuals have been using the BSP logo to lure unsuspecting victims into investing in pyramid schemes. He advised:

  • Avoid being scammed. Never accept an offer straight away.
  • Do your research and seek independent advice, especially if it involves significant amounts of time and commitment.
  • Be wary of sending money to unknown individuals or entities, as it is difficult to recover funds from scammers.

Additional Measures

To protect customers’ savings, BSP has implemented additional requirements for new customers applying for VISA Classic Debit Cards, including the provision of a passport on application. Robinson emphasized that awareness education is key in combating scams and advised the public to report any suspicious activity to the authorities immediately.

The Consequences of Fraudulent Schemes

The BPNG continues to warn the public against doing business with fast money schemes, which are illegal and fraudulent. The bank advises that people who place their money with promoters or agents of these schemes risk losing their hard-earned cash.

What to Do if You’ve Fallen Victim to a Scam

If you have fallen victim to a scam or suspect an online scam, BSP’s customer service centre is available 24/7: