ICC Warns Of Scam Targeting UK Taxpayers With Offshore Bank Accounts

by Carla Johnson, Investors Offshore.com

31 October 2003

The International Chamber of Commerce (ICC) has issued a warning to UK taxpayers with offshore bank accounts to be alert to the dangers of fraud.

According to the Chamber, scammers recently have been intercepting correspondence between offshore banks (particularly in the Channel Islands) and their UK customers, and inserting requests for personal information which will allow them to siphon money from the accounts.

Speaking earlier this month, Jon Merrett, assistant direct at the ICC's Commercial Crime Bureau explained that:

"The counterfeit Form R105 (a form sent by the Inland Revenue to UK taxpayers) being used in these attempted frauds looks even more plausible and legitimate than the Form W888 used previously. The intent behind these forms is to provide fraud perpetrators with enough information to siphon funds out of customer accounts. Bank customers in the Channel Islands should be aware of this activity and on their guard."

He continued: "Anyone banking in the Channel Islands, or elsewhere offshore, who receives this type of letter is urged to immediately confirm its origin with their bank. Under no circumstances should the form be faxed to the number provided."

"Customers should note that banks very rarely request a customer's pin number, password, or mother's maiden name in writing. At the same time, banks must also exercise caution if they receive any unusual transfer of funds requests from customers. If there is any doubt, banks should be contacting the customer to verify the origin of the request."

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