FRAUD ALERT: Be Cautious of Unsolicited Banking Offers from the Cayman Islands
The Cayman Islands Monetary Authority (CIMA) has issued a warning to the public, both locally and abroad, to be vigilant against fraudulent activities in the banking sector.
What You Need to Know
- Scammers are sending out unsolicited emails asking individuals to assist in moving large sums of money or act as next of kin for deceased clients in exchange for a substantial portion of the funds.
- CIMA urges the public not to respond to any correspondence of this nature, as it is likely an attempt to defraud them.
How Scammers Operate
Scammers often claim to represent banks, including ones in the Cayman Islands, and ask individuals to open an account to receive the money. However, this is just a ruse to get their hands on personal information and financial details. The scams typically involve advanced fees and deposit requirements, which are fictitious.
Be Aware of These Red Flags
- Unsolicited emails or calls asking for your assistance in moving large sums of money
- Requests to act as next of kin for deceased clients
- Demands for advanced fees or deposit requirements
- Forged government documents
What CIMA is Doing
CIMA maintains a list of websites claiming to be banks or financial institutions based in the Cayman Islands but which are not licensed or registered by CIMA. This list can be found on CIMA’s website and currently covers over 50 entities.
How to Verify a Bank’s Authenticity
To verify the authenticity of any bank operating in the Cayman Islands, check its license status on the authority’s website. All banks operating in and from the Cayman Islands must be licensed by CIMA.
What You Can Do
If you receive such offers or have concerns about dealing with a supposed bank based in the Cayman Islands:
- Alert CIMA by emailing ContactCompliance@cimoney.com.ky
- Contact Joan Henry, Public Relations Executive at CIMA, at (345) 244 1591 or j.henry@cimoney.com.ky for more information or assistance.