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Walaw

Economy

Bank Al Maghrib issues alert over fraudulent investment platform

11:20

Bank Al Maghrib (BAM), Morocco’s central bank, has released an official warning against fraudulent media content promoting a fake investment platform falsely attributed to the bank.

According to BAM, the content illegitimately uses the bank’s identity and the image of its governor, likely employing artificial intelligence mechanisms to enhance its credibility. The fraudulent platform falsely promises significant financial gains, with BAM emphasizing that the claims are entirely fabricated.

In its statement, BAM assured the public it would take all necessary actions to safeguard its reputation and rights.

This is not the first time BAM has addressed such fraudulent schemes. In recent years, the bank has issued similar warnings to counter the misuse of its name and prevent financial deception.

For instance, in 2021, BAM denied responsibility for a widely circulated message on mobile platforms inviting citizens to visit its branches to claim a prize in the form of a check. Years earlier, BAM issued an alert to banks, urging them to adopt precautionary measures against electronic money fraud.

To further strengthen its defenses against such threats, BAM has signed a protocol agreement with Morocco’s General Directorate of National Security (DGSN). This collaboration aims to enhance security through the use of advanced digital services linked to Morocco's electronic national identity card system. The agreement also seeks to protect BAM’s administrative facilities and ensure the secure transport of funds across the country.

Through these initiatives, BAM reaffirms its commitment to combating fraudulent practices and maintaining public trust in Morocco’s financial system.

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