Scammers use Reserve Bank to bolster claims

If a stranger offers a large sum of money in return for paying a small fee - they're most likely trying to rip you off says the Reserve Bank. PHOTO/FILE

Fraudsters are using the Reserve Bank's name to make their scams appear more genuine and credible, the Reserve Bank is warning.

In one instance lat week, a woman paid $200 upfront to a telephone scammer in order to release a further $3800.

"She actually came into the Reserve Bank because she was told we would have the documents she needed to release the funds," Reserve Bank spokesperson Angus Barclay said.

"But the Reserve Bank is not involved with tax refunds, transfers of unclaimed money, verifying charity donations, paying inheritances, settling deceased estates or any of the other fake stories that scammers use to lure their victims."

In this latest scam, victims are reassured by the scammers, who claim to be from the Reserve Bank of New Zealand, saying that documents have been lodged with the Reserve Bank, that the Reserve Bank can provide a 'receipt number' or other proof that a "release payment" has been made.

The scammers usually tell their victims they need to make a small payment in order to get a large sum of money back from a tax refund, inheritance, or some other type of unclaimed money.

In another recent case, a woman was phoned about an unclaimed deposit in Texas.

"This person became suspicious and contacted us after being asked to wire transfer $1800 to an attorney in Texas," Barclay said.

The Reserve Bank advises people to not transfer money or pay anyone in response to these phone calls and emails.

"If a total stranger contacts you and offers a large sum of money in return for paying a small fee, then they're most likely trying to rip you off," Barclay said.

Reserve Bank Governor Graeme Wheeler in his office. Picture / Mark Mitchell

Protecting yourself from upfront money scams:

• Don't respond to an unsolicited email or letter. Never click 'unsubscribe' on a spam email: it only tells spammers that you read spam. Delete the email, or throw the letter away, immediately. Don't even respond as a joke: it confirms your email address, making you a repeat target for fraudsters.

• If you've begun to pay 'fees' to a scammer, the only way to get the scam to stop is to stop paying. Once you've parted with some money, it can be tempting to see things through - just in case. But there is no reward waiting at the end of this process. You will never be paid.

• Remember that money laundering is illegal. Never agree to transfer money for someone you do not know. Contact your bank if you have received money into your bank account that you believe to be illegal. If you have any problems contact the for guidance.

For more information about scams, click here.