Superintendence of Banks launches financial fraud prevention campaign

The Superintendence of Banks (SB) launched the Mission Sentinel campaign with which it seeks to warn the population about making deposits and/or investments in financial schemes that do not have the proper regulation or supervision of the State.

This is an initiative aimed at protecting the general population. In this sense, it seeks to inform and educate about the risks of placing resources in entities that are not properly supervised, to reduce the risk that unauthorized economic agents take advantage of the lack of public information to carry out activities outside of the law, including crimes such as theft, fraud and breaches of trust.

The campaign includes setting up the website, through which the SB makes available to the public useful resources to identify supervised financial entities and channels and state agencies to report cases in which an illegal action is suspected by a financial service provider. In addition, it offers access to guidance materials on how to prevent being a victim of fraud of this type, among other relevant information.

“With this campaign we want to intensify our efforts to duly alert the population so that they avoid allocating their savings in supposed investment schemes that promise exorbitant returns and well above those registered in the supervised markets,” said the Superintendent of Banks, Alexander Fernandez W.

The risks

The official assured that, as a general principle, when an investment opportunity looks too good to be true, there is a high probability that it involves excessive risks or is a scam.

Among the actions promoted in this direction by the SB, the creation of the identification seal of financial intermediation entities and exchange intermediaries under its supervision stands out. It is an insignia placed in the physical facilities and digital sites (web pages and mobile applications) of financial intermediation institutions that are supervised by the Superintendency.

The stamp has a quick response or QR code, easy to scan from any mobile phone with an internet connection. This functionality directs users to register entities on the official website of the Superintendency of Banks.

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Similarly, anyone can find out about the supervised entities by accessing the website.

The SB calls on the population to consult the resources available on the site and take into account the guidelines provided in this channel when deciding who to entrust their savings or investments to.

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