Reminder Regarding Counterfeit Notes and Financial Scams
Joint Press Release - Reminder Regarding Counterfeit Notes and Financial Scams
1. It has come to Brunei Darussalam Central Bank (BDCB)’s and Cyber Security Brunei (CSB)’s attention that a fake video alleging to be local news has been circulating amongst the public with regards to Brunei Darussalam’s currency notes.
2. In this regard, BDCB would like to remind members of the public that, in accordance with section 13 of the Currency Order, 2004, it is an offence for any person to issue any Brunei currency notes or coins, or any document or token, which resembles or is likely to pass as legal tender. Any person who contravenes this section of the Currency Order is guilty of an offence and liable on conviction to a fine, imprisonment for a term not exceeding 15 years or both.
3. It is also a criminal offence under the Penal Code (Cap 22) to possess forged or counterfeit currency notes or bank notes, knowing or having reason to believe the same to be forged or counterfeit, and intending to use the same as genuine. This offence is punishable upon conviction with a fine and imprisonment up to a maximum period of 10 years.
4. BDCB and CSB would also like to remind members of the public to exercise caution and be vigilant when engaging in any schemes or financial transactions, especially those offered on social media platforms. It is important to verify the legitimacy of offers that seem too good to be true, as well as understand the inherent associated risks before agreeing into any financial transaction. Individuals should be cautious about giving out personal information and refrain from responding to questions or requests without properly verifying the identity of the person requesting it. If the entity is based outside of Brunei Darussalam, the public should check with the overseas authority if it is regulated.
5. On this note, members of the public are advised to only deal with entities that are regulated by BDCB. Those who choose to deal with unlicensed and unregulated entities offering financial services or products may not have the protection afforded under the regulatory framework administered by BDCB which aims to safeguard the interests of financial consumers by ensuring only competent and qualified entities may provide financial services.
6. Please refer to BDCB’s website for a list of BDCB Licencees as well as BDCB’s Alert List for entities that are neither authorised nor approved under the relevant laws and regulations administered by BDCB or whose activities raise a suspicion of illegal activity.
7. Any suspicious financial activities should be reported to BDCB’s Financial Consumer Issues at 2380007/8380007 or email at fci@bdcb.gov.bn. For suspicious activities found on social media, individuals are advised to lodge a report directly to that social media service (e.g. Facebook), and to CSB via Brunei Computer Emergency Response Team (BruCERT) hotline 2458001, email reporting@brucert.org.bn or WhatsApp 7170766.
8. Members of the public who are inadvertently or unintentionally in possession of counterfeit notes or have fallen victim to scams are reminded to lodge a report to the Royal Brunei Police Force immediately.
9. BDCB remains committed to the financial stability of Brunei Darussalam and the safeguarding of Brunei Darussalam's financial system and the interests of financial consumers. BDCB will also continue to actively monitor any suspicious or unlicensed financial activities in Brunei Darussalam.
References:
- Financial Institutions Directory - https://www.bdcb.gov.bn/Pages/financial-institutions-directory.aspx
- Alert List - https://www.bdcb.gov.bn/consumer/bdcb-alert-list