The central bank suggests that banks instruct their authorized dealer branches to take cautionary measures
The Bangladesh Bank has advised all banks to be more cautious in protecting export proceeds coming through telegraphic transfer method.
The banks have recently experienced fraud in the export transaction through telegraphic transfer, according to a circular issued on Sunday by the foreign exchange policy department of the central bank.
Fraudulent emails with exporters' names are sent to foreign buyers suggesting export proceeds to be transferred to another bank account, the Bangladesh Bank observed.
The central bank has suggested that the banks instruct their authorized dealer branches to take cautionary measures in this regard.