The Monetary Authority has issued a warning to beware of a suspected fraudulent website involving the "Paramount Bank" at www.paramountbank.net.

An alleged "Paramount Bank" operates the site. It claims to have a head office in Hong Kong and an office in London, and that the UK financial regulator oversees it. It also offers banking and investment services.

No such bank is authorised under the Banking Ordinance to carry on banking business or to take deposits in Hong Kong, nor does it have a representative office here.

The UK financial regulator has also confirmed that the alleged "Paramount Bank" has no  authorisation to conduct the regulated activities of accepting deposits in the UK.

While there is a legitimate bank in the US operating under the "Paramount Bank" name, that bank and the US financial regulator said that the suspicious website is not affiliated with Paramount Bank of Farmington Hills in Michigan, or its official website.

Commercial Crime Bureau to investigate

The Monetary Authority has referred the case to Police for further investigation. Anyone who has dealings with Paramount Bank should contact the Police Commercial Crime Bureau at 2860 5012.

A list of authorised institutions is available on the authority's website. The public can also check the status of any entity in Hong Kong which solicits deposits by calling 2878 8222.

Given the global nature of the Internet, fraudsters will continue to make use of similar techniques to defraud consumers in different parts of the world, the authority warned.