Financial Crime World

Title: Bermuda Warns Public of Surge in Scams: Over 280 Cases Reported in 2023

August 1, 2023

The Bermuda Police Service (BPS) has issued a stern warning to residents following a significant increase in reported scams. According to the latest police data:

  • There have been over 280 investigations into fraud and deception and theft cases since the beginning of 2023.
  • A large portion of these cases involved various types of scams.

Local Man Loses $35,000 in HSBC Accounts Scam

A recent instance of a local man losing $35,000 from his HSBC accounts after clicking on a suspicious text message posing as One Communications has underscored the urgency and danger of these scams. The scam message, disguised as a payment query, redirected the victim to a fraudulent website where his financial details were stolen.

Criticism Against HSBC for Handling of the Case

HSBC has faced criticism for its handling of the case, with the victim being incorrectly informed multiple times that the money had been restored to his accounts. However, the funds were later discovered to have been removed and transferred to a US-based Wells Fargo account.

Sophisticated Scamming Techniques

Scammers’ methods are increasingly becoming sophisticated, employing impersonation and phishing techniques to extract personal and financial information. Reports in the past year have surfaced regarding various types of scams, including:

  • Instagram advertisements
  • False police impersonations
  • Unsolicited emails

Financial Losses Due to Online Scams

Island residents collectively lost almost $4 million in online scams in 2021, according to police reports. Two separate incidents in March and December 2023 led to individuals losing nearly $1,000 and $10,000, respectively, through bedroom furniture and unfulfilled goods sales.

Prevention Measures

To prevent falling victim to scams, the BPS urges residents to:

  1. Never disclose banking or personal details to unknown individuals.
  2. Refrain from clicking on suspicious links.
  3. Regularly verify the legitimacy of unsolicited communications.

Reporting Scams

Should you suspect or become a victim of a scam, you are advised to report it to the Bermuda Police Service (BPS) by contacting 211 or emailing 211@bps.bm.