Fijians are being warned to refrain from placing deposits or participating in schemes offered by unlicensed individuals or entities.

The Reserve Bank of Fiji says these unlicensed individuals or entities are promising higher interest rates on investments to lure the public into their fraudulent schemes.

It says as per Section 3 of the Banking Act 1995, no entity or person is to accept deposits from the public unless approved and licensed by the RBF.

The RBF is issuing specific caution on an entity presenting itself as Global Finance, a company registered as Finance Global Investment Pte Limited which is not a licensed deposit taker in Fiji.

It says the company should not be soliciting, accepting, nor be given any form of deposits from the public.

The only licensed financial institutions that are authorized by the Reserve Bank of Fiji to accept deposits from the public is ANZ Banking Group Limited, Westpac Banking Corporation, Bank of South Pacific Limited, Home Finance Company Limited, Bank of Baroda, BRED Bank Limited, Fiji Development Bank, Credit Corporation Limited, Kontiki Finance Limited, Merchant Finance Limited and BSP Finance Limited.