Financial Crime World

Cybercrime in Finance Industry Soars in Bahamas Amid Global Pandemic

The Royal Bahamas Police Force has reported a significant surge in hacking and extortion cases in The Bahamas between January 1st and June 30th, 2020. A total of 118 cyber-crime incidents were reported to authorities during this period, compared to the 87 matters reported during the same period in 2019 - a staggering 36 percent increase.

Regional and Global Phenomenon

The alarming rise in cyber-attacks is not unique to The Bahamas, but a regional and global phenomenon exacerbated by the ongoing COVID-19 pandemic. At a recent Virtual Security Conference hosted by CARICOM IMPACS, experts expressed concerns about the vulnerability of the region’s financial systems to cyber threats. Representatives from various countries emphasized the need for strengthened legal and cyber-security frameworks.

Cyber-Security Challenges

According to Marina Walter, UN Resident Coordinator for Trinidad and Tobago, Suriname, Aruba, Curacao, and Sint Marteen:

  • Many member states lack comprehensive cyber-security policies, leaving them exposed to unsecured servers.
  • Since the COVID-19 lockdown period, there has been an increase in:
    • Attempted fraud schemes
    • Hate speech on social media
    • Phishing attacks
    • Dissemination of obscenities

Law Enforcement Response

The Commissioner of the Royal Bahamas Police Force, Paul Rolle, vowed to tackle the issue head-on by:

  • Increasing money laundering prosecutions and convictions
  • Disrupting criminal enterprises
  • Confiscating the proceeds of crime
  • Partnering with the Asset Recovery Inter-Agency Network for the Caribbean (ARIN-CARIB) to share intelligence and seize assets across international borders

Financial Crime Investigations

The Financial Crime Investigations Branch, Financial Crime Unit, and Anti-Corruption Unit will continue to:

  • Conduct financial crime investigations, money laundering, terrorist financing probes, and parallel investigations into proceeds of crime.
  • Strengthen the capacity of the Financial Crime Investigations Branch by providing standardized financial investigation training and increasing the complement of investigators within the Financial Crime Unit.

Proactive Approach

As the global economy becomes increasingly digitized, authorities in The Bahamas are taking a proactive approach to combat cybercrime and protect the financial sector from threats both local and international. With a comprehensive strategy in place, the Royal Bahamas Police Force is committed to tackling the issue of cybercrime head-on and ensuring the security and stability of the financial industry in The Bahamas.