Financial Scams in Trinidad and Tobago: A Growing Concern

The Financial Intelligence Unit (FIU) of Trinidad and Tobago has issued a public advisory to highlight observed trends and patterns of reported suspicious activities related to specific criminal activity within the jurisdiction.

Common Types of Financial Scams

Financial scams in Trinidad and Tobago often begin with a letter, email, or telephone call to the intended victim. The fraudster may impersonate a known person or organization that exists or pretend to be from a fictitious one. Here are some common types of financial scams targeting individuals in Trinidad and Tobago:

Lottery/Inheritance Scam

• Victims are persuaded by the promise of large gains into sending an advance payment, which once sent is irrecoverable.
• The victim is informed that they have won a lottery prize or have inherited money from a long-lost relative.

Unclaimed Money Scam

• Intended victims are contacted by someone purporting to be a government or bank employee claiming that there is unclaimed money belonging to a deposed dictator, corrupt government official, terminally ill wealthy person with no relatives, or a wealthy foreigner who deposited money in the bank just before dying in an accident.

Distressed Friend/Relative Email

• Intended victims receive an email from a family member or friend claiming that they are in a foreign country and were the victim of a mugging.
• The email asks for a wire transfer to pay hotel bills and expenses, promising to refund the money on their return.

Job Offer Scam

• Victims are offered a job requiring them to use their bank account to receive and pass on payments for the employer, who is often a foreign company.

Retirees and Pensioners at Risk

The FIU notes that retirees and pensioners are increasingly being targeted by these scams. In many cases, citizens of Trinidad and Tobago have been induced to wire, mail, or transfer thousands of dollars of their savings to persons they do not know in order to claim “large fortunes,” “lottery winnings,” or “inheritance.”

Staying Safe

The FIU is advising the public to exercise caution when dealing with unsolicited requests for money. Here are some tips to help you stay safe:

• Under no circumstances should bank or personal information be given to persons you do not know.
• Do not send money by wire transfer services (non-bank services) to persons you do not know.
• To win a lottery or prize, you must buy a ticket or participate in a promotion or competition.
• The cheque sent by the fraudster will be dishonored.
• Before responding to an email request for money from a friend/relative, verify via telephone if the email came from them.

Reporting Suspicious Activity

The FIU is urging individuals who receive such correspondence to refer the matter to the police. For further information on anti-money laundering and counter financing of terrorism, visit the Financial Intelligence Unit’s website at www.fiu.gov.tt.