Deceptive practices impact goBoB users who are not careful

goBoB, a product by Bank of Bhutan (BoB), that serves as a digital wallet allowing users to store funds and make electronic transactions, is being used by swindlers to deceive individuals

Officials from the Royal Bhutan Police (RBP) shared that the deceptive practices related to goBoB are on the rise.

According to a police source, the scammers usually ask for the buyers’ account numbers, which they use to register on goBoB. Once the account owner receives an OTP (One-Time Password), the scammers request the code, gaining access to the account. This allows them to withdraw any amount.

However, an official from BOB shared, “As of now, we do not have much cases on scams and fraud. Unless users share his or her credentials or share OTP, the bank hasn’t faced such issues. The bank has been proactive to mitigate scams and frauds.”

The RBP doesn’t have the full data on GoBoB deceptive cases for now however, they shared that they encountered few cases related to its which were not registered. 

Unlike mBoB, goBoB does not necessitate a bank account for user access, and even minors of 10 years and above are eligible to open an account, as long as a citizen or tourist owns a Bhutanese mobile SIM number through the App.

Its main objective is to enhance financial inclusion, advocate for cashless transactions, and integrate every citizen into the financial ecosystem.

“We consistently emphasize the importance of refraining from sharing personal details, as a significant number of registered cases result from users divulging their credentials and personal information to third parties. Regarding the goBoB system, we employ advanced security measures and a robust firewall to safeguard against hacking and other threats,” said a BOB official.

Additionally, goBoB offers features such as adding money from cards, splitting bills while making payments and pay money through your contacts.

A majority of fraud or scam cases arise from the sharing of personal information and user credentials. To address this, users must avoid providing such details to anyone, and the bank consistently conducts awareness campaigns on these incidents, said the BOB official.

The deceptive practice through goBoB has been common as the scammers find it is easy to transfer money.

Mostly, youths without bank accounts register through SIM numbers and use the application to transfer money without the owner’s knowledge.

BOB  revealed that there were more than Nu 1.415 billion transactions in 2023 through goBoB.

According to police source, they shared that the scammers usually ask for the buyers account numbers, which they use to register on goBoB. Once the account owner receives an OTP (One-Time Password), the scammers request the code, gaining access to the account. This allows them to withdraw any amount.

The Ministry of Home Affairs has issued a cautionary notice to the public, advising against sharing OTPs with scammers and transferring funds to their accounts, in light of fraudulent activities within banking systems.

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