The Central Bank of Oman has issued a public warning that fraud attempts are on the rise in the Sultanate.
"These fraudulent activities which generally originate from various countries and sources, both abroad and locally have demonstrably been increasing in recent times, and all citizens and residents are therefore requested to take extra pre-cautionary steps and not succumb to the machinations of those who perpetrate such unlawful activities, thereby, assisting the society to avert fraud," the ONA quoted CBO as saying.
According to the apex bank, cases of attempted fraud usually involve the use of fake or stolen cheques drawn on banks abroad and the subsequent sale of these instruments to unsuspecting members of the public. Another method is the fraudulent promise of loans in advance being made available against the surety of bank securities.
Established in 1974, the CBO acts as the depository agency for the Government of the Sultanate of Oman. It manages loans on behalf of the Government and maintains, at all times, a part of the Sultanate's foreign assets as cover for the currency in circulation at prescribed ratios. — (menareport.com)
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