Learn about the new financial informality schemes, as warned by the SBS

The Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS), in search of safeguarding the interests of citizens, reported that it identified new business schemes that carry out financial activities without authorization for such activity.

In this regard, he explained that pursuant to article 11 of Law No. 26702, General Law on the Financial System and the Insurance and Organic System of the Superintendency of Banking and Insurance, any person who intends to collect or receive money from third parties, in the form of a deposit, mutual or any other modality, requires the prior authorization from SBS.

For this reason, they warned that the following business schemes are not authorized by SBS to raise money from the public:

Companies that are not authorized by the SBS commit an offence under article 246 of the Criminal Code, so the savings of people who have deposited money with these schemes could be at risk.

It also indicated that the following alleged companies offering fraudulent loans through the Internet and Facebook have been detected.

“These entities are fraudulent, since they offer loans on the condition that, in advance, interested parties make deposits of money, through policies, credit insurance, expenses or commissions, without finally complying with the disbursement of the loans offered,” said the SBS.

It also notes that these informal entities often use names of formal entities or institutions, including the names of their managers or officials, in order to give the appearance of legality to their acts.

For this reason, the SBS urged the general public to be properly informed and to take the forecasts of the case, when they must decide where to save or invest their money. Likewise, verify with the aforementioned companies or formal entities the veracity of the information that is disseminated.

Any query or complaint relating to persons or companies providing financial services, without SBS authorization or being registered, may be submitted to this entity at 0-800-10840 (toll-free nationwide) or 01-200-1930.

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