Scam squared

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As bankers prepare to pack their bags for the annual meetings in Washington in October, they’ll be starting to consider what policy initiatives the IMF and World Bank might announce over the busy weekend.

They might not be aware that the multilaterals are taking a proactive role in restoring funds to victims of internet scams that seek to defraud banking customers – the type that clog up the modern email inbox.

At least, that seemed to be the case when a Euromoney board member received an email purporting to be from the chairman of Barclays, Sir David Walker, telling him: “My bank is appointed by the IMF and World Bank to pay 1.5 million to selected internet scam victims and your email address was selected. Get back for full details.”

An internet scam based on internet scams? The internet scamming equivalent of a CDO squared perhaps? We all know where this will end.