Title: Bermuda Sees Surge in Financial Fraud Cases: Hundreds Reported to Police in 2023

Key Points

• Hundreds of financial fraud incidents reported to Bermuda Police Service (BPS) in the first eight months of 2023.
• Most cases classified as banking scams.
• Victims lost thousands of dollars through various scams.
• BPS advises residents to be cautious and report suspected scams.

[Bermuda, August 1, 2023]

Bermuda Police Service Reports a Significant Increase in Financial Fraud Cases

There has been a surge in financial fraud incidents in Bermuda, with hundreds of reports made to the Bermuda Police Service (BPS) between January 1 and August 1, 2023. The latest statistics revealed that a total of 280 investigations into fraud and deception, as well as theft, have been launched during this period.

According to a BPS spokesperson, there was no way to break down the statistics further, but most of these cases could be classified as banking scams.

Recent Scams Targeting Bermudians

Some of the recent reported cases include:

• A man was tricked into transferring $35,000 from his HSBC account after receiving a fraudulent text message pretending to be from One Communications.
• A victim lost nearly $1,000 when they were duped into providing their banking details to an Instagram ad promising bedroom furniture.
• A $10,000 loss due to a phishing scam promising the delivery of goods that never materialized.

Financial Losses from Online Fraud

In a 2021 report, the police revealed that Bermudians had lost almost $4 million to online fraud, highlighting the need for increased vigilance.

Victims’ Personal Experiences

Raj Hegde, a sub-editor at The Royal Gazette, shared his personal experience of losing $35,000 in a bank scam. He recalled that he had unwittingly clicked on a link in a text message posing as a payment query from OneComm. Hegde expressed his disappointment at HSBC’s handling of the situation, describing their communication as misleading and unclear.

BPS Advice to Residents

The BPS advises residents to remain cautious and avoid providing their personal banking details to emails, texts, or social media channels, especially if they weren’t expecting such requests.

Reporting Suspected Scams

Suspected scams can be reported to the police by calling 211 or emailing 211@bps.bm.

Protecting Yourself Against Banking Fraud

Stay informed and protect yourself against banking fraud by educating yourself about the latest scams and phishing attempts. Always double-check with your bank before sending or transferring funds.