Bank South Pacific (BSP) has issued a public alert warning Papua New Guineans about unlicensed investment schemes currently circulating on WhatsApp, Facebook and SMS text messages.
The bank highlighted reports of fraudulent messages promising unrealistic returns, such as “turning K30,000 into K270,000 in 28 hours,” which are neither licensed nor regulated by the Bank of Papua New Guinea (BPNG).
According to BSP, these scams are typically pyramid or Ponzi schemes designed to steal money rather than grow investments. BPNG has also released an official warning to protect citizens from such financial harm.
“Don’t be fooled by flashy promises. If it sounds too good to be true, it probably is,” BSP cautioned in its statement. The bank urged the public to protect their savings and think carefully before investing.
BSP is encouraging everyone to share the warning with friends and family to help others stay informed. Suspicious activity can be reported to info@bankpng.gov.pg
or _BSPHoax@bsp.com.pg
.
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