Investor Alerts - Bank of China – Fake term deposits
| Company: | Bank of China – Fake term deposits |
| Regulator: | Financial Markets Authority |
| Jurisdiction: | New Zealand |
| Date: | 13 Dec 2023 |
| Link: | https://www.fma.govt.nz/library/warnings-and-alerts/bank-of-china-fake-term-deposits/ |
| Subject: |
Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.) Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements Miscellaneous |
| Comments: |
A scam offering fake term deposits using the name of Bank of China (New Zealand) is targeting New Zealanders. Scammers are sending out highly professional-looking product disclosure statements featuring Bank of China’s name, logo, address and registration details. Bank of China has confirmed it is not connected with these term deposits which offer rates which are slightly higher than what is advertised on their website. People are being contacted by phone after putting details into deposit comparison websites. The FMA continues to warn about the dangers of these comparison websites – they are used by criminals to harvest information. Bank of China (New Zealand) Limited will not make unsolicited investment offers, such as term deposits through phone call or email (although they may email or call you if you have a bank account with them). We recommend investors contact the relevant bank or financial institution through verified channels for confirmation before investing any money. Entity name: Bank of China – Fake term deposits Email: [email protected], [email protected] Phone: 09 951 9530 |