Public Warning - Fraud Alert: Social Media Post Falsely Linked to BMA - Certificate of Conversion (2021-02-10)

Summary

This is a public fraud alert issued by the Bermuda Monetary Authority warning that a fake document called a Certificate of Converting is circulating in targeted social media messages. The document falsely uses the BMA's name, logo and a fabricated approval from the Authority's Executive Chair to lend it credibility.

• Nature of scam: Appears to be an advance fee fraud scheme in which victims are asked to pay a conversion fee upfront before supposedly receiving prize winnings.
• Red flags cited: Falsified approvals and unauthorised use of corporate names or logos are flagged as warning signs of fraud.
• BMA's position: The BMA has not issued this document, is not affiliated with the scheme, and warns that anyone dealing with the entity or its representatives does so at their own risk.

This notice is informational only and does not create any regulatory obligations for licensed entities; it is intended to warn members of the public against engaging with the fraudulent document or paying any requested fees.