This page describes a real fraud type affecting SWIFT wire transfer users. If you believe you have been targeted, do not send money and contact your bank immediately. Verify any SWIFT payment free using the UETR tracker at the bottom of this page.
Ghost Bank & Fictitious Bank Fraud
A ghost bank fraud involves the creation of a completely fictitious financial institution — one that has never been licensed, regulated, or been a member of the SWIFT network — to support a broader financial fraud. Fraudsters register a convincing name (often including words like "International", "Capital", "Trust", or "Reserve"), create a professional website, and generate fake BIC codes and SWIFT documentation.
How This Fraud Works
The fraudster sets up a fake bank with a realistic name, website and corporate documents.
They produce payment documentation showing transactions from the fictitious bank, including invented BIC codes in the correct SWIFT format.
Victims are shown "proof" that large funds are held at the ghost bank, or that a large transfer has been sent from it.
Because the bank does not exist on SWIFT, no UETR verification is possible — the fraudster claims this is a "private banking" arrangement or "off-SWIFT" system.
Victims pay fees or provide assets in expectation of a payment that can never come from a bank that does not exist.
Red Flags — Warning Signs
A bank you cannot find in the official SWIFT BIC directory or recognised financial regulator's register.
A BIC code that does not conform to SWIFT's 8- or 11-character standard (4-letter bank code, 2-letter country code, 2-character location, optional 3-letter branch).
Claims of "off-SWIFT" or "private banking network" payments that cannot be verified.
The bank claims to be regulated in a jurisdiction with weak financial oversight.
The bank's website was registered recently (check WHOIS) and has generic, template-based content.
How to Verify Before Acting
Look up the bank's BIC code in Ohmyfin's SWIFT code directory. If the code doesn't correspond to a real, licensed bank, the institution is likely fictitious.
Check the relevant national financial regulator's register (FCA in UK, OCC/Fed in US, EBA for EU, ACPR for France, BaFin for Germany etc.).
Search SWIFT's own BIC directory (swift.com/bsl) for the BIC code.
If the payer insists on "off-SWIFT" payment mechanisms, this is a major red flag — all legitimate international wires use SWIFT or a regulated alternative (SEPA, Fedwire, CHAPS).
What To Do If You Are Targeted
Do not engage with any financial institution you cannot independently verify through official regulator registers.
Report the fictitious bank to the relevant regulatory authority.
Alert SWIFT's fraud team (swift.com/fraud) if someone is using a fabricated BIC.
Verify Any SWIFT Payment — Free in 30 Seconds
Paste the 36-character UETR from any MT103 or payment confirmation. If the payment is real, Ohmyfin shows the live SWIFT GPI status. If it's fake, it shows "not found". Free for individuals.
Use Ohmyfin's SWIFT code directory at ohmyfin.org/swift-code, or SWIFT's own BIC lookup at swift.com/bsl. A genuine BIC will correspond to a real, registered financial institution. You can further verify by checking the bank against your country's financial regulator register.
What does a fake BIC look like?
A fake BIC follows the correct format (e.g. ABCDUS33) but corresponds to no institution in the SWIFT directory. The fraudster may use a real country code and location but invent the bank code. Paste any BIC in Ohmyfin's SWIFT code lookup to check it against known institutions.
Can a ghost bank still send SWIFT messages?
No. SWIFT membership requires rigorous regulatory, compliance and security vetting. An institution not in the SWIFT directory cannot send or receive genuine SWIFT messages. Any SWIFT-format documentation from a non-member institution is forged.