Fraudulent Transactions on the Rise in Trinidad and Tobago’s Financial Services

Warning Issued by Financial Intelligence Unit (FIU)

A recent advisory from the Financial Intelligence Unit (FIU) of Trinidad and Tobago has sounded a warning to citizens about a growing trend of fraudulent transactions, particularly targeting retirees and pensioners.

Scammers’ Tactics Exposed

According to the FIU, fraudsters are using various tactics to deceive unsuspecting victims into parting with their hard-earned cash. These scams often begin with:

• A letter, email, or telephone call from someone claiming to be a known person or organization
• Pretending to be from a government agency or lawyer

Common Types of Fraud and Scams

The FIU has identified several common types of fraud and scams, including:

• Lottery/Inheritance Scam: Victims are persuaded to send advance payments in exchange for promised large sums of money, which are often irrecoverable once sent.
• Unclaimed Money Scam: Similar to the lottery scam, victims are convinced to part with their cash in exchange for a promised large sum.
• Distressed Friend/Relative Email Scam: Victims receive emails claiming that a friend or relative is in trouble and needs financial assistance.
• Job Offer Scam: Job applicants are persuaded to send money as an advance payment for a job offer.

Protection Tips

To avoid falling prey to these scams, the FIU advises citizens to:

• Be cautious and not provide bank or personal information to unknown persons
• Not send money by wire transfer services without verifying the legitimacy of the request
• Only purchase prizes or lottery wins through official channels, not unsolicited emails or phone calls
• Report any suspicious correspondence to the police

Remaining Vigilant

The FIU urges citizens to remain vigilant and take steps to protect themselves from these fraudulent transactions. For more information on anti-money laundering and counter financing of terrorism, visit www.fiu.gov.tt.