BIR Warns Public vs Doubtful Personalities Distributing Fake Surety Bonds

BIR warned the public against doubtful personalities distributing fake surety bonds

The Bureau of Internal Revenue (BIR) had warned the public against doubtful personalities posing as public officers distributing fake surety bonds.

This, as BIR Commissioner Caesar Dulay issued the said warning after receiving an advisory from the Philippine Deposit Insurance Corp. (PDIC) regarding the operations of these doubtful personalities.

BIR Fake Surety Bonds
Photo: Logo of Bureau of Internal Revenue

In a report on Manila Bulletin, Dulay said that the public was advised to exercise due diligence in verifying the entities of doubtful personalities in posing as public officers and the authenticity of the documents received.

Rest assured that the BIR is taking the necessary measures to curb such malicious practices” Dulay said.

READ ALSO: BIR Warns Public Anew vs Cyber Criminals

A surety bond was a contract among three in parties — principal, surety, and obligee — in which the surety financially guaranteed to an obligee that the principal would act with the terms established by the bond.

The BIR sources said that most of the victims were foreign nationals residing abroad who had difficulties in checking the authenticity of the suspicious papers.

As per the report, these sources said that they’re urged to make payments as doubtful personalities posing as public officers “promised high interest rates”.

Previously, the Bureau of Internal Revenue warned the public anew against cyber criminals posing as legitimate revenue officers — including scammers and phishers.

According to Revenue Deputy Commissioner for Information Systems Lanee Cui – David, cyber criminals posing as legitimate revenue officers were asking intimate information from their would-be victim’s username and password in the guise of reconciling the victim’s tax records.

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