EPS Scam: IoMT Statement

Posted 20/05/2009 - 15:20 by Nixi

I have been asked to post this statement to reassure depositors who have applied for the EPS by Christine Clucas who manages the scheme for IoMT.

KSF Early Payment Scheme – Fraudulent Claim.

The KSF Early Payment team became aware that a fraudulent claim had been submitted and the payment was immediately stopped. The Fraudsters attempt to gain the payment was unsuccessful. The fraud has been reported to the Financial Crime Unit.

Claims to the Early Payment Scheme are subject to “Know Your Customer” checks carried out by the Provisional Liquidator’s office. In the case referred to the Fraudsters were in possession of a significant amount of personal & sensitive information regarding both the individuals and account concerned and provided signatures that closely matched the real account holders.

Treasury do allow payment to third party accounts as a large number of KSF account holders do not have another bank account or do not have a sterling account in their own name. It was decided to allow these payments to third parties in order to help those account holders who were experiencing financial difficulties. There are stringent controls around the process with written instructions being required from the account holder.

Treasury have reviewed their processes and are satisfied that adequate safeguards are in place.

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