• Mike

When it’s to good to be true - its normally too good to be true!

We have recently investigated a case where a client’s partner, living offshore, has been given a large inheritance. But to access the inheritance the client, in NZ, needs to open an account with a bank in Malaysia and to do this they need to deposit funds into this account by PayPal. Sound a bit smelly?

The client paid the required sum of money into the account and now they are being told because it is a certain type of account they need to deposit thousands more before they can access the inheritance.

There should be a lot of red flags by now!

The client was told to deposit funds by PayPal into an account at Allis Bank. Allis Bank should have a Swift code and shouldn’t be getting their customers to use PayPal to fund their accounts.

A quick look at Allis Bank website should also raise some questions. On the face of it, it looks ok. But have a dig and it looks cheap. No Financial Statements have been recorded since 2014. Do a googlemaps search on the companies address and you would normally see a Bank with photo’s galore – not Allis Bank. Links that don’t go anywhere are a concern. But the simplest check is a google search. A NZ Bank would show up everywhere. Not Allis Bank. Hardly any web presence at all.

If it looks too good to be true, it probably is too good to be true. Do some research before transferring your hard earned dollars.

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