Safe Storage Receipt Scams – Be on the lookout

Safe Storage Receipt Scams – Be on the lookout

A safekeeping receipt is basically a document given to a customer to show that the bank holds their valuables. These can be securities (such as stocks or bonds) or commodities (such as gold or precious stones). It is not like depositing a sum of money in the bank. With a safekeeping receipt, the bank is not allowed to do anything with the value other than store it. The safekeeping receipt may be abbreviated SKR. Sometimes SKR is used interchangeably with IDR or International Depository Receipt. A scam involving a safekeeping receipt scam is currently circulating.

The International Depository Receipt is a document that certifies that the client has purchased shares from another country. Banks began issuing them in the 1970s to facilitate international securities trading. Only the person who issued the SKR can do anything with the valuables left in the bank, unless a power of attorney is granted to allow access to the securities or goods. SKR fraud occurs when a fraudster tries to convince you that you can give them money in exchange for this type of bank guarantee or letter of credit. Often, unsuspecting consumers are offered a certified copy of the SKR from a commercial bank.

Another form of this safekeeping receipt scam is when the scammer gets you to sign a power of attorney allowing them to create or clear accounts in your name. One more version is if you already have SKR. If you sign it over to this scammer, he can use it as collateral for a loan you’re responsible for. There are some terms in each of these scams that can alert you. Be careful if someone tells you that you have to sign a “power of attorney” for them. When someone promises you a “first class bank guarantee” from a “commercial bank”, you should also be careful.

The SKR scam can even extend to a “bank representative” offering to hold your current SKR and issue you a second receipt certifying that this second bank holds your original SKR. Consumers should fully investigate any business associated with these receipts. This is probably an attempt to fraudulently interact with you. For more information on investing in off-the-shelf or off-the-shelf investment opportunities, Press here!

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