"SCAM WARNING ISSUED BY BSP PNG, OVER ONLINE INVESTMENT SCHEMES"

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Scam Warning Issued by BSP PNG Over Online Investment Schemes
Port Moresby, Papua New Guinea – Bank South Pacific (BSP) has issued an urgent public warning about a surge in fraudulent online investment schemes targeting Papua New Guineans. According to the bank, scammers are using social media platforms such as Facebook and WhatsApp, as well as text messages, to promote “get-rich-quick” offers promising extraordinary profits within days. One common pitch claims that a K30,000 investment can generate K270,000 in just 28 hours—returns that BSP stresses are impossible and illegal.
BSP explained that these operations follow a classic pyramid or Ponzi model, relying on a continuous flow of new investors so that earlier participants can be paid. Once the inflow of funds slows or stops, the scheme collapses and operators typically disappear, leaving victims with significant financial losses. The bank emphasized that none of these promoters are licensed or regulated by the Bank of Papua New Guinea or any recognized financial authority.
The institution is advising the public to exercise extreme caution when approached with investment opportunities that guarantee unusually high and rapid returns. “If it sounds too good to be true, it almost certainly is,” the bank stated, urging people to verify any investment with reputable financial advisors or directly with BSP before committing their money. Citizens are also encouraged to report suspicious messages or advertisements to the relevant authorities.
BSP reiterated its commitment to safeguarding the financial wellbeing of Papua New Guineans and warned that such scams not only rob individuals of their savings but also undermine confidence in legitimate financial services. The bank pledged to continue working with regulators and law enforcement agencies to identify and shut down fraudulent operations while educating the public on how to recognize and avoid these schemes.

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