BSP warns of new scam targeting remittance firms

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has warned banks and other financial institutions about a new scheme victimizing remittance agents and agencies.

BSP deputy governor Nestor Espenilla Jr. issued a new circular on the scam uncovered by the Anti-Money Laundering Council (AMLC) after a money exchange center was victimized.

“All recipients are strongly encouraged to share data on suspects of modus operandi, to take whatever preventive or precautionary measures deemed necessary, and to provide investigative information facilitating links with similar events as well as indications of perpetuators,” Espenilla said.

Based on the findings of the AMLC, the perpetrators target young, inexperienced employees of remittance firms.

A man claiming to be the Minister of Interior in Oman called a local money exchange firm requesting the phone number of the owner. Minutes later, the phone rang again and the caller introduced himself as the secretary of the firm’s owner and reprimanded the clerk for being impolite to the Minister of Interior of Oman.

The caller directed the clerk to transfer 1,930 Omani rial or about P217,000 to two beneficiaries in Jordan, to which the clerk immediately obliged. The AMLC added that the caller remained on the line while the clerk was doing the transfer and reprimanded her for being very slow and asking her who trained her.

After the transaction was completed, the clerk gave the transfer code number to the caller. The clerk then reported the incident to her manager, but was too late to stop the transaction as the amount transferred was already received and withdrawn in Jordan.

Espenilla urged banks and other financial institutions, including money exchange and remittance centers, to report any similar incident and file a corresponding suspicious transaction report with the AMLC.