The public is being warned about a fraudulent e-mail in the community claiming to be from the Bermuda Monetary Authority.

According to a notice from the BMA, an e-mail sent to a regulated entity purported to be from the financial services regulator and asked for payment for breaching a number of regulations.

The e-mail demanded $50,000 for an administrative fine to be made in USDC, a stablecoin backed by US dollars, to a digital wallet.

“The authority wishes to remind regulated entities that payment information is published within the Annual Fees document, which can be found on the authority’s website,” the BMA stated. “Any instruction to deliver funds to any other account or institution should be considered fraudulent.”

The BMA also said that e-mails from them will always appear with the e-mail domain “@bma.bm”. Recipients should verify the e-mail address before responding to or acting on any content within the e-mail.

“If you have any doubts about any communication received from the authority, do not open any attachments and do not trust the contact information in the suspicious e-mail,” the BMA said.

“Instead, please call your representative at a number you already know, or call the authority at our main number 295-5278. Ask to be transferred to the sender so you can verbally confirm the content. If you have any queries regarding payments to the authority, please e-mail finance receivables@bma.bm.”

The BMA maintains a warning list to inform the public. The web domain of this fraudulent e-mail has been added to the warning list of unauthorised entities, which can be found at www.bma.bm/warning-list.