Financial Crime World

Financial Fraud Statistics on the Rise in Bhutan: Authorities Warn of Scammers’ Deceitful Tactics

Bhutan is witnessing a worrying trend of financial fraud cases, with authorities warning citizens to be cautious of scammers’ deceitful tactics. According to the Royal Bhutan Police, 15 financial scam cases were registered last year, and already this year, 13 such cases have been reported in just two and a half months.

What’s Behind the Rise in Financial Fraud?

  • False claims of lottery wins
  • Hyped investment opportunities
  • Marketing of Bitcoin and other cryptocurrencies

These tactics are being used to dupe innocent victims, resulting in significant financial losses. A recent victim lost over Nu 100,000 after providing personal and financial details to scammers posing as officials from the VISA department.

How Scammers Operate

Scammers often demand sensitive information such as account numbers, threatening that victims will not receive their money back if they do not comply. In some cases, scammers even request OTPs (One-Time Passwords) or mobile app login pins from unsuspecting individuals.

Warning: Be Cautious of Suspicious Calls and Messages

  • Do not share OTPs with anyone, regardless of the caller’s claims.
  • Banks will never request OTPs or mobile app login pins from customers.

The Department of Law and Order (DLO) has cautioned citizens against falling prey to these tactics. “Not only the Department of Law and Order, but also agencies such as the Royal Monetary Authority, GovTech, and financial institutions are collaborating to prevent scams,” said Karma Dorji, a representative from the DLO.

Prevention is Key

To avoid becoming a victim of financial fraud:

  • Remain vigilant and report any suspicious activity to the relevant authorities.
  • Do not lend, share, or rent out your bank accounts.
  • Be cautious of unsolicited offers and requests for personal and financial information.

Collaborative Effort

The Royal Monetary Authority (RMA) has issued a notification advising people to be aware of these tactics. The RMA is working closely with other agencies to prevent scams and raise awareness among citizens.

Conclusion

Financial fraud cases are on the rise in Bhutan, but authorities are urging citizens to remain vigilant and report any suspicious activity. By being aware of scammers’ tactics and taking necessary precautions, individuals can protect themselves from falling prey to these deceitful schemes.