Bank warns of scams

BANK South Pacific Financial Group Ltd (BSP) has disassociated itself with any online investment activities that could be scams.
The bank said it would not be liable for any transactions with any such individual, groups or associations.
BSP group chief executive officer Mark Robinson was responding to queries raised regarding fast money schemes and scams, including pyramid schemes that were largely facilitated via Facebook or other online platforms.
“There have been individuals, groups or associations claiming to be associated with BSP or its employees by using the BSP logo to scam unsuspecting individuals on Facebook, Messenger, WhatsApp, SMS texts or email to invest, deposit or transfer funds in exchange for a higher return; the BSP group maintains that it is not associated with such scam activities and will not be liable for any transactions with such individuals, groups or associations,” Robinson said.
BSP visa classic debit cards can be used at automated teller machines (ATMs) globally.
Robinson said with increased fast money schemes and scams, including pyramid schemes, there had been a demand in BSP visa classic debit cards and as a responsible bank, BSP had put in place additional requirements for new customers to meet when applying for a visa classic debit cards.
“Most of our customers get lured into investing in these fast money schemes so additional measures like provision of a passport on application and questions surrounding customer intent to apply for a visa debit card are put in place to protect their savings,” he said.
“Avoid being scammed. Never accept an offer straight away, do your research and seek independent advice especially if it involves significant amounts, time and commitment. Do not send money to someone you do not know or trust – it is difficult to recover your money from a scammer.
“Awareness is important, if you spot a scam, spread the word to your family and friends.
“Always be alert – scammers will target you anyhow, anytime and anywhere.”
Meanwhile, the Bank of Papua New Guinea continues to warn the public to be cautious and avoid fast money schemes.
The bank strongly advised the public against investing in fast money schemes, as they were illegal and fraudulent.
People who place their money with agents risk losing it.