Written by The Banking Post
The Bangladesh Bank has issued a public warning urging people to remain vigilant against frauds being carried out through certain e-commerce platforms, business schemes, and crowdfunding initiatives, both online and offline. The central bank noted a rise in incidents where the general public is lured with promises of unrealistically high returns, only to be defrauded.
In a cautionary notice issued on Monday (14 July), the central bank stated that some platforms are attracting people through social media and other channels with offers of unusually high profits. These platforms often aim to illegally collect personal information, including OTP (One-Time Password) credentials, to misappropriate funds under false pretenses — such as fake government incentives, Hajj packages, social safety nets, or stipends.
Bangladesh Bank has advised citizens not to engage in any financial transactions with such suspicious entities. The notice also made it clear that individuals who choose to transact with these entities will bear full responsibility for any financial loss incurred.
The central bank further reminded the public not to violate Sections 4 and 15 of the newly enacted Payment and Settlement Systems Act, 2024. The warning has been issued under the authority of Section 18(4) of the same law.
Bangladesh Bank emphasized that the alert was issued in the public interest, and urged everyone to remain cautious and responsible when engaging in both digital and offline financial transactions.
