GABI warns of pandemic related fraud schemes targeting the vulnerable

Dec 08, 2020 News

Kaieteur News – The Guyana Association of Bankers Incorporated (GABI) is warning the general public of pandemic related fraud schemes targeting the vulnerable.
In a notice published in this newspaper, the association noted that fraudsters are currently using the economic troubles, which the COVID-19 pandemic might have brought upon individuals to take advantage of them.
The first scheme that they highlighted was one where fraudsters would place unsolicited calls/text messages to the intended victim about overseas packages, which they never ordered. The next scheme, according to the GABI, involves them pretending to be relatives/friends in need, without any direct or previous contact with the intended victim.
Further, they said that perpetrators may also approach persons, asking them to pay for employment, lottery wins, prizes and sweepstakes.
The GABI is also cautioning persons about paying these fraudsters for items upfront from unknown or vague websites.
The association warned against pyramid/Ponzi schemes, which involve persons being asked to recruit additional members with the promise of being paid for each recruit and persons investing money which is usually paid to earlier investors, leaving many later investors without money when new investors cannot be found.
Kaieteur News understands that the authorities have been receiving several reports of local pyramid/Ponzi schemes encouraging persons to give large sums of money with the promise of gaining more upon recruiting persons.
Additionally, persons are being urged by the GABI to desist from directly depositing money into bank accounts of potential fraudsters because once it is deposited into that account, it is now their possession and can only be recovered with a court order.
“Fraudsters typically want you to pay upfront for a product or service that is usually free or paid upon completion/receipt. Fraudsters also want you to act quickly and request payment directly instead of through official channels,” the association noted.
In light of this, they said, if it sounds “too good to be true”, all necessary measures should be exhausted to ensure persons are not defrauded out of their hard-earned money.

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