Cayman Islands Sees Surge in Fraudulent Transactions During Holiday Season

The Royal Cayman Islands Police Service’s (RCIPS) Financial Crime Investigation Unit has issued a warning to residents and businesses to remain vigilant against financial-related crimes during the holiday season. A significant increase in credit and debit card scams, as well as sophisticated Business Email Compromise (BEC) frauds targeting local businesses, has been reported.

Credit and Debit Card Scams

• Credit and debit card scams are on the rise, with fraudsters using stolen card details rather than physical cards to make unauthorized purchases.
• Authorities warn that residents should never share their card details or PINs with others and keep their cards in sight when making payments.
• Monitor your accounts for suspicious transactions and report any unfamiliar activity to your bank immediately.

Business Email Compromise (BEC) Frauds

• BEC frauds target local businesses, involving emails purporting to be sent by legitimate suppliers or individuals.
• These emails often request that businesses update their payment information with new bank account details, but may be phishing scams designed to steal sensitive financial information.
• To avoid falling victim to BEC frauds:
  • Verify any changes to payment instructions by contacting the supplier directly.
  • Exercise caution when clicking on links or attachments from unknown sources.
  • Implement multi-factor authentication for business transactions.
  • Be wary of requests to deposit money into a bank account and then transfer it overseas.

What You Can Do

• Contact the RCIPS Financial Crime Investigation Unit at RCIPS.FCU@rcips.ky or 949-8797 if you believe you may be a victim of financial fraud.
• Visit www.rcips.ky/crime-prevention-fraud-awareness for more information on fraud awareness and prevention.

Stay safe and informed this holiday season by being aware of these types of scams and taking the necessary precautions to protect yourself and your business.