Cayman Islands Sees Rise in Financial Crimes as Holiday Season Brings Increased Commercial Activity

As the holiday season brings increased commercial activity to the Cayman Islands, the Royal Cayman Islands Police Service (RCIPS) is urging the public to be vigilant against financial-related crimes. Specifically, credit/debit card scams and Business Email Compromise (BEC) frauds are on the rise.

Credit/Debit Card Scams

The RCIPS Financial Crime Investigation Unit has reported a significant increase in credit and debit card scams this year. These scams often involve victims unknowingly sharing their card details or PIN with others, or having their physical cards stolen. To protect yourself from these scams:

Never share your card details or PIN with others
Keep your cards in sight when making payments
Monitor your accounts for unfamiliar transactions
Report any suspicious activity to your bank immediately

Business Email Compromise (BEC) Scams

International fraudsters are also targeting businesses in the Cayman Islands using sophisticated BEC scams. These scams involve emails purporting to be from legitimate businesses or individuals, claiming that suppliers have changed their bank accounts and instructing recipients to settle future invoices via the new account. To avoid falling victim to these scams:

Verify any changes in banking instructions by contacting the supplier directly
Exercise caution when clicking on links and attachments
Consider multi-factor authentication for business transactions
Be aware of online entities that ask you to deposit monies into their bank accounts with the intention of transferring it overseas

What You Can Do

If you believe you may have fallen victim to a financial crime, contact the Financial Crime Investigation Unit at RCIPS.FCU@rcips.ky or 949-8797. For more tips on fraud awareness and prevention, visit https://www.rcips.ky/crime-prevention-fraud-awareness.

Remember to stay vigilant and take steps to protect yourself from financial crime during the holiday season.