Financial Crime World

Financial Crime on the Rise in Guam: Forgery, Fraud, and Phishing Schemes Pose Threats

Guam, a tropical paradise known for its beautiful beaches and vibrant culture, is also facing a more sinister reality - financial crime. Behind the island’s picturesque landscape lies a growing threat of forgery, fraudulent practices, and phishing schemes that are posing significant challenges to law enforcement.

Financial Crimes Governed by Specific Laws

According to Chapter 46 of the Guam Code Annotated, Title 9, financial crimes in Guam are governed by specific laws addressing forgery, fraudulent practices, and telephone records. The legislation outlines various offenses related to these issues, including penalties for violators.

Forgery

Forgery is a serious offense in Guam, defined as the false making, completion, alteration, or uttering of written instruments such as:

  • Checks
  • Credit cards
  • Badges
  • Other symbols of value

Penalties vary depending on the nature of the forged document, with more severe penalties reserved for government-issued or financial institution-related items.

Criminal Simulation

Criminal simulation is another significant issue in Guam, involving the making, altering, or uttering of objects to deceive others about their apparent:

  • Antiquity
  • Rarity
  • Source
  • Authorship

This offense is classified as a misdemeanor.

Other Financial Crimes

Tampering with records, issuance of dishonored checks, and mortgage fraud are also addressed in Chapter 46, outlining penalties for violators.

Anti-Phishing Act

In response to the growing threat of online fraud, Guam has enacted the Anti-Phishing Act, which aims to protect residents from:

  • Email scams
  • Phishing schemes
  • Other forms of online financial crime

Violators can be charged with a misdemeanor, and the law includes provisions for civil liabilities.

Technology Plays a Key Role in Combating Financial Crime

As authorities continue to grapple with these financial crimes, technology is playing an increasingly important role in preventing and detecting fraud. In our next installment, we will explore how technology is being used to combat financial crime in Guam and what steps residents can take to protect themselves from these threats.

Stay tuned for more information on the ways technology is helping to keep Guam’s financial system secure!