Cyber Scammers Widening The Net
By M K Anwar

Bandar Seri Begawan - B$10 million maximum fine and 10 years in jail seem not to hinder people in getting involved in the fraudulent Internet investment schemes.

There is also allegedly some gathering done to recruit more people to join in the scheme.

Information and advice on fraudulent Internet investment schemes are available online and many of the websites provide extensive listings on current fake schemes. This however has not come to the attention of some people who instead 'click' directly onto the fraud website and get interested straight away

ArabianBusiness.com recently reported that the Dubai International Financial Centre (DIFC) has foiled a fraudulent online investment scheme which claims to have offices in Chicago, Zurich and Dubai.

The scheme allegedly has offered returns from 100 percent to 230 percent on 100 investment products.

The 100 days or 3 months might not sound long enough but it provides ample time for the scammers to run away with the victim's money.

The MoF latest warning urges the general public to be vigilant of any investment scheme purporting high rates of return. "Anyone offering financial investment products in Brunei must obtain approval or be licensed by the ministry prior to offering any such financial investment product," the statement also said.

Any person who contravenes or fails to comply is an offence and "liable on conviction to a fine not exceeding B$1 million, imprisonment for a term not exceeding 10 years or both under the Securities Order 2001 orto a fine not exceeding B$10 million, imprisonment for a term not exceeding 10 years or both".

For those found continuing in the offence, a further fine of not more than BSI 00,000 for every day during which the offence continues after conviction under the Banking Order 2006.

Online experts in their advice have said that the easiest tell-tale sign to identify these fraud schemes is that most of them do not list any address or contact number on their website.

Most of them only state the country where their offices are based and contact is mostly through e-mail. This will he a problem should the worst happen and the victim cannot contact the so-called company and their e-mails go unanswered.

The psychological effect when seeing your account increasing online may lead to the person putting more money into it.

A 30-year-old man working in the private sector who claimed to have lost his money through such a scheme told the Bulletin that he didn't believe his money was doubling when he saw it from his online account set up by the investment company.

He added more money in thinking that it will grow even more but instead two months later, everything had gone. "My money doubled from the website online account but unfortunately not my bank account."

"Everything was just fake, the account, the website, the company and the promises," said the man who wished only to be known as "Haji".

Asked whether he reported the matter to the authorities, the man s imply said that he was too embarrassed to come forward.

He did not reveal how much he lost but that the amount was quite significant.  -- Courtesy of Borneo Bulletin

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