Spanish companies and private individuals are receiving offers of loans from banks and institutions located in foreign countries, under much more favourable conditions than those currently available on Spanish companies and private individuals are receiving offers of loans from banks and institutions located in foreign countries, under much more favourable conditions than those currently available on the market. The Banco de España, which has been made aware of these offers through enquiries received and statements of foreign transactions, warns that in most cases these practices are cover-ups for fraud and deception.
Generally speaking, these institutions are apparently domiciled in states, about which it is very difficult to gain information. It has also been observed on many occasions that these "phantom" banks do not possess the pertinent authorisation to operate in the place where they claim to have their headquarters.
The fraud works as follows: In order to the collect the loans, the customer must advance an amount to cover fees and commissions, delivery costs, management and processing, or send funds to open an account in the "phantom" institution where the false loan will be deposited. The loan obviously never materialises and the sums advanced are never recovered.
The Banco de España wishes to warn about these practices and indicate that one should always distrust operations where the conditions are more favourable than those offered by the market; proposals by unknown institutions with headquarters in remote countries; and to those of usual banking practice are unusual, and it advises never to pay out money in advance.