World Bank warns of fraud schemes misusing its name
Several fraudulent rings are deceiving people by using the name and logo of the World Bank through Facebook pages filled with enticing advertisements for quick and affordable loans
The World Bank has issued a warning regarding the recent surge in online loan scams in Bangladesh that were done leveraging its name and logo.
The warning comes a day after The Business Standard ran a report titled "Online loan scams: Fraudsters dupe victims using World Bank name, logo".
The World Bank, in a press release, said criminals involved use Facebook pages as well as other strategies to impersonate the World Bank, and trick victims into sending fees and payments using mobile banking services.
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"The World Bank does not provide loans directly to individuals and does not ask for any personal financial information. The World Bank has no involvement in such schemes, and we would like to caution you to be wary of these and other similar solicitations that falsely claim to be affiliated with the World Bank," reads the press release.
The TBS report on online loan scams says several fraudulent rings are deceiving people by using the name and logo of the World Bank through Facebook pages filled with enticing advertisements for quick and affordable loans.
Lured by these appealing offers, many people have already lost substantial amounts of money.
For instance, a Facebook page named "WB BD Services" advertises, "Do you need a loan to start a business or for personal reasons? The World Bank brings fast, affordable and secure loans. We strive to put a smile on the faces of small businessmen."
Another Facebook page, "Xiny A", posts a similar advertisement.
Victims told TBS that clicking the "sign up" or "apply" button on these pages prompts instructions to download an app.
Once they fill out an online form on the app, interested borrowers receive a WhatsApp link and clicking that opens a chat box associated with a WhatsApp number.
Upon entering the chat box, victims are instructed to send money ranging from Tk5,000 to Tk30,000 on various pretexts, such as registration fees, processing charges, and government taxes.
They are promised their desired loans within a few hours if they complete this payment through bKash.
