The Maldives Police Service has raised concerns over individuals renting out their bank accounts to scammers, enabling the deposit of fraudulent funds. This practice is fuelling scams and complicating efforts to track illegal activities.

According to a police officer at the Anti-Scam Centre, accounts involved in such activities are typically suspended for six months. The Bank of Maldives (BML) plays a critical role in these investigations, working closely with law enforcement to identify and address fraudulent cases.

According to a BML official, temporary account suspensions are a key part of the process, though they often lead to customer complaints. The bank, however, cannot reinstate suspended accounts without clearance from the Police. This strict protocol is essential to preventing scams and safeguarding customers.

The rise of scams isn’t limited to bank accounts. Social media hacks have become increasingly common, with scammers impersonating well-known companies and institutions to send fraudulent messages. These tactics are designed to deceive victims into sharing sensitive information or transferring money.

The scale of financial fraud in the Maldives is significant. The Police reported recovering MVR 2.2 million from scam cases in the first eight months of this year alone. By comparison, 1,661 scam cases were reported last year, resulting in total losses of MVR 20 million.

Authorities and financial institutions continue to stress the importance of vigilance and public awareness in combating these crimes. As scams evolve, collective efforts are crucial to safeguarding the community and its financial security.