Title: “Bermuda Banks Warn of Increasingly Sophisticated Fraud Attempts”

Updated: Aug 02, 2023 07:57 AM

Bermuda’s banking industry is on high alert following a surge in fraud attempts aimed at stealing money from unsuspecting residents. This comes as criminals continue to evolve their tactics, using phone calls, text messages, and social media to deceive customers.

Butterfield Bank Warns of Fraud Threats

Butterfield Bank, a local financial institution, issued a warning on Tuesday about the constant threat of fraudsters, emphasizing the need for increased vigilance.

Phishing attacks and other forms of fraud are constant
Fraudsters are always looking for new ways to steal personal information and money

Recent Scams in Bermuda

A string of high-profile scams has occurred on the island in recent months, including one incident where a Bermudian man was tricked into transferring $35,000 from two HSBC accounts following a deceptive text message.

Fraud Prevention Measures

Butterfield Bank, like other financial institutions, strongly advises against providing personal information or login credentials via emails, phone calls, or social media platforms.

HSBC’s Response

HSBC acknowledged the incident and advised clients to:

Not click on links contained in emails or text messages
Not enter personal or banking information into websites linked from those messages
Contact HSBC’s contact center for guidance on recommended next steps

Reporting Scams and Staying Vigilant

Victims of such scams are encouraged to report the incident to the police by calling 211 or sending an email to 211@bps.bm.

Recommendations for Residents

The Bermuda Police Service advises residents to:

Remain vigilant and avoid responding to suspicious emails, texts, or calls
Not share personal or financial information with unverified sources or organizations
Regularly monitor their bank accounts and report any suspicious activity