The Bank of Papua New Guinea (BPNG) wishes to warn the public to be wary of fast money schemes that continue to operate throughout the country and strongly advises the public against putting money in such schemes/scams as they are illegal and fraudulent. People who place their money with promoters or agents of these 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 for you to 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 the lottery;
- Mobile phone messages claiming that you have 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 conditional on payment of fees upfront;
- Use of marketing network to promote discounts for services like hotels, airfares, hire cars for members after they pay membership fees, and;
- Unknown persons impersonating or pretending to be the Governor of BPNG or senior management sending emails and texts to contact or meet on various matters
If you have not received any benefits at all from these money schemers, you should report these 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 Banks & Financial Institutions Act 2000 and Savings and Loans 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 if Authorized Deposit Taking Institutions:
Licensed Commercial Banks
- Australia & New Zealand Banking Corporation (PNG) Limited
- BSP Financial Group Limited
- Kina Securities Limited
- Westpac Bank (PNG) Limited
Licensed Financial Institutions
- BSP Financial PNG Limited
- Credit Corporation Finance Limited
- Finance Corporation Limited
- First Investment Finance Limited
- Handy Finance Limited
- Heduru Moni (Moni Plus) Limited
- Kada Poroman Microfinance Limited
- Kwik Monu Limited
- Nationwide Microbank Limited
- Papua Finance Limited
- People’s Micro Bank Limited
- Resources & Investment Finance Limited
- TISA Community Finance Limited
- Women’s Micro Bank Limited
Licensed Savings and Loans Societies
- Alekano Savings & Loan Society Limited
- Air Niugini Savings & Loan Society Limited
- CBO Savings & Loan Society Limited
- East New Britain Savings & Loan Society Limited
- Financial & Private Sector Savings & Loan Society Limited
- Manus Savings & Loan Society Limited
- Nasfund Contributors Savings & Loan Society Limited
- Niu Ailan Savings & Loan Society Limited
- Mining & Petroleum Savings & Loan Society Limited
- Nambawan Savings & Loan Society Limited
- PNG Power Savings & Loan Society Limited
- PNG Ports Corporation Savings & Loan Society Limited
- PNG Waterboard Staff Savings & Loan Society Limited
- Post Telecommunications & Pangtel Savings & Loan Society Limited
- Rural Development Bank Savings & Loan Society Limited
- Teachers Savings & Loan Society Limited
REMEMBER:
DO NOT PLACE YOUR MONEY WITH ILLEGAL MONEY SCHEMES AND SCAMS. YOU SHOULD USE THE SERVICES OF AUTHORIZED FINANCIAL INSTITUTIONS ONLY.
Authorized by:
Elizabeth Genia, AAICD
Acting Governor