Consumers are urged to beware of fraudulent letters purporting to be issued by the Monetary Authority and the International Bank of Asia and the Overseas-Chinese Banking Corporation.

The authority said recipients of these fake letters are told they can receive a large sum of money by paying an advance fee to a designated bank account. The letters allege the fee is required for obtaining a certificate from the authority to effect the fund transfer to the recipient.

The authority said the letters are not issued by it or by the banks concerned, adding the case has been reported to Police. Anyone who receives fraudulent letters of this kind should contact Police on 2860 5012.