Bank of Papua New Guinea: Warning against Fast Money Schemes or Scams

Image credit. Logo: www.bankpng.gov.pg & https://byronbank.com/

The Bank of Papua New GUINEA (“BPNG”) wishes to warn the public to be weary of fast money schemes that continue to operate throughout the country and strongly advises the public against putting money into such schemes/scams, as they are illegal and fraudulent. People who place their money with promoters or agents of these money schemes/scams risk losing their hard-earned cash.

Before you make a decision to be a member of any scheme, you must understand the products and services being promoted, who the shareholders are, the means by which registration is done and the terms and conditions for you to be a member. If you do not understand or the information provided is not clear to you, it is better you stay away from such schemes.

These schemes/scams come in different forms and BPNG warns the public to be aware of:

  • Crypto currency trading agents
  • Circulation letters requesting you to facilitate transfers of millions of dollars from overseas governments into your personal bank account.
  • Electronic mails claiming that you have won millions of dollars from lottery
  • Mobile phone messages claiming that you won prizes from promotional activities
  • Promises for online transfers to your account conditional on you providing details of your bank account and payment of fees upfront to the promoter;
  • Individuals/entities collecting money with promise to pay high interest rate (e.g U-Vistract)
  • Letters using official letter heads and forged signature of the BPNG Governor and heads of Government Departments claiming to transfer funds to your account condition on payment of fess upfront.
  • Use of marketing network to promote discounts for services like hotels, airfares and hire of cars for members after they pay membership fees, and
  • Unknown person’s impersonating or pretending to be the Governor of BPNG or senior management sending emails and text contact or meet on various matters.

If you have not received any benefit at all from these money schemers, you should report those individual (s) to the police to prosecute them, or demand your hard earned money back from them.

The BPNG informs the public that under the Banking & Financial Institutions Act 2000 and the Savings and Loan Society Act 2015, only the licensed banks, licensed financial institutions and licensed savings and loan societies are allowed to accept deposits from the public.

The following is a list of Authorized Deposit Taking Institutions

Licensed  Commercial Banks

  1. Australia & New Zealand Banking Group (PNG) Limited
  2. BSP Financial Group Limited
  3. Kina Securities Limited
  4. Westpac Bank (PNG) Limited

Licensed Financial Institutions

  1. BSP Financial PNG Limited
  2. Credit Corporation Finance Limited
  3. Finance Corporation Limited
  4. First Investment Finance Limited
  5. Handy Finance Limited
  6. Heduru Moni (Moni Plus) Limited
  7. Kada Poroman Microfinance Limited
  8. Kwik Moni Limited
  9. Nationwide Microbank Limited
  10. Papua Finance Limited
  11. People’s Micro Bank Limited
  12. Resource & Investment Finance Limited
  13. TISA Community Finance Limited
  14. Women’s Micro Bank Limited

Licensed Savings and Loan Societies

  1. Alekano Savings & Loan Society Limited
  2. Air Niugini Savings & Loan Society Limited
  3. CBO Savings & Loan Society Limited
  4. East New Britain Savings & Loan Society Limited
  5. Financial & Private Sector Savings & Loan Society Limited
  6. Manus Savings & Loan Society Limited
  7. Nasfund Contributors Savings & Loan Society Limited
  8. Niu Ailan Savings & Loan Society Limited
  9. Mining & Petroleum Savings & Loan Society
  10. Nambawan Savings & Loan Society Limited
  11. PNG Power Savings & Loan Society Limited
  12. PNG Ports Corporation Savings & Loan Society Limited
  13. PNG Waterboard Staff Savings & Loan Society Limited
  14. Post Telecommunications & Pangtel Savings & Loan Society Limited
  15. Rural Development Bank Savings & Loan Society Limited
  16. Teachers Savings & Loan Society Limited

Remember: DO NOT PLACE YOUR MONEY WITH ILLIGAL MONEY SCHEMES AND SCAMS. YOU SHOULD USE THE SERVICES OF AUTHORIZED FINANCIAL INSTUTIONS ONLY.

Authorized by: Elizabeth Genia, AAICD

                              Acting Governor

Source: BPNG Public notice published in the National News Paper on Friday 24th March 2022, page 61