Business Daily from THE HINDU group of publications
Sunday, Jul 16, 2006
Business Daily from THE HINDU group of publications Sunday, Jul 16, 2006 |
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Industry & Economy
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Economic Offences Money & Banking - RBI & Other Central Banks IMF warns against frauds under its name G. Srinivasan
Numerous scams Frauds include `phishing' attacks to deceive recipients into disclosing personal financial information. A false copy of the IMF Web site had been created to mislead potential users.
New Delhi , July 15 The International Monetary Fund (IMF) is under threat from fraudsters. Stung by the misuse of its name by fraudsters involved in cross-border cyber crime, the IMF has issued a warning, similar to the one issued about a decade ago. In a statement in Washington on Friday, it said: "a recent increase in deceptive schemes designed to defraud members of the public and potential investors has prompted the IMF to repeat its warning about any unsolicited e-mail or other unsolicited communications purportedly originating from or implying an affiliation with the IMF".
Unauthorised use
Stating that the Fund is aware of various forms of identity frauds and financial fraud involving the unauthorised use of the IMF's name and emblem, it said this includes `phishing' attacks, in which the names of IMF officials have been misused to deceive recipients into disclosing personal financial information and `spoofing' attempts, in which a false copy of the IMF Web site had been created with false contact information, to mislead potential users.
Various scams
Hence, it has cautioned the public against "various forms of cross-border fraud, investment fraud, advanced fee scams and similar scams (sent by e-mail or hard copy letter) in which the IMF's name has been fraudulently used to induce potential investors". The Fund categorically alerted that it is neither the author of, nor in any other way associated with, such fraudulent activities. It further clarified that the Fund does not issue or guarantee any obligations called "Prime Bank Notes", "Prime Bank Guarantees", "Bill of Exchange" or the like, nor does it extend any credit lines through commercial banks or other agencies. Moreover, the IMF does not guarantee debentures or other financial instruments issued by a member country or any other entity. It does not sponsor investment programmes, "high-yield financial programmes" or issue to countries or to outside parties an "IMF number", "IMF Country Registration Number", or the like. It has urged the general public or potential victim of any such frauds to forward "suspicious communications to the relevant law enforcement authorities and to IMF Public Affairs, Washington or publicaffairs@imf.org".
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