Advance Fee Fraud Schemes - Advisory Warning No. 13 of 2012 (2012-07-05)

Summary

This is a public advisory issued by the BVI Financial Services Commission warning the general public about advance fee fraud schemes, a form of scam in which fraudsters solicit victims by email, letter or social media with promises of a share in a large sum of money in exchange for upfront payments. It is informational and consumer-protection focused rather than a rule imposing compliance duties on regulated entities.

• How the scam works: Victims are contacted with a background story (inheritance, war, terminal illness, charitable donation) and asked to pay advance fees, taxes, legal or insurance costs, or bribes, and to provide bank account details, in order to receive a promised large sum that does not actually exist.
• Recent trend noted: Perpetrators have been targeting BVI residents through community, religious and social networking websites and chat rooms, often posing as terminally ill persons with no heirs wishing to donate assets.
• Warning signs: Unsolicited communications from unknown senders, self-styled titles such as Prince, Minister or Doctor, poor spelling and grammar, and hardship stories involving illness or death.
• Recommended precautions: Do not respond to or engage with such unsolicited communications, do not release personal bank account information, and think critically about why you have been chosen to assist in a money transfer.
• If already victimised: Stop any further advance payments, notify your bank immediately if account information was disclosed, and report the fraud to the Royal Virgin Islands Police Force and the Financial Investigation Agency.

The warning is issued under Section 4(1)(l) of the Financial Services Commission Act, 2001, and directs the public to the FSC's Financial Literacy Programme website for further guidance on avoiding fraud.