Financial Fraud Examples in Seychelles: Authorities Warn of Increasing Cybercrime Activities
The Seychellois public, particularly the business community, has been warned about increasing financial cybercrime activities by authorities, including the police, Financial Investigation Unit (FUI), Central Bank of Seychelles, and Bankers Association. This warning comes as a result of numerous cases of online transactions being intercepted and transferred to fake accounts, with many victims losing large sums.
Cases on the Rise
According to Commissioner of Police Reginald Elizabeth, 18 such cases were reported last year, and already eight have been reported this year. He highlighted the difficulty in pursuing criminals across borders, stating that “it is very difficult for us to enter another country’s jurisdiction to pursue the criminals and by the time we are in contact with Interpol and other partners on the known report, the cash would have already vanished.”
Loan Scams and Phishing Emails
Philip Moustache, director of FIU, cautioned against using Facebook, as a loan scam has been circulating, where a fake French couple offers huge loans. He advised individuals not to engage with them, warning that administrative fees are often requested to be sent to West African countries instead of France.
Additionally, Norman Weber, representative of the Bankers Association, emphasized the importance of verifying clients’ details before making overseas payments and cautioned against unsolicited emails proposing too-good-to-be-true deals. “It is important to know the client you are dealing with,” he advised. “If you get a new instruction for a bank transfer payment through an email, it doesn’t cost a lot just to make a phone call to verify if the information is genuine.”
Strategic Financial Education Programme
Christophe Edmond, deputy governor of Central Bank of Seychelles, revealed that the institution is working on a strategic financial education programme to educate the public on recognizing and preventing cyber-attacks. The Central Bank is also seeking a cyber-security consultant to assess its system and implement safety standards for commercial banks.
Tips to Avoid Financial Cybercrime
The authorities urge the public to be vigilant against financial scams, including credit card skimming and mobile phone scams. They advise individuals to:
- Verify the authenticity of clients’ details before making payments
- Avoid using public ATMs
- Not respond to unsolicited emails or calls
By taking these precautions, Seychellois citizens can reduce their risk of falling victim to financial cybercrime.