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Financial Fraud on Mayotte: Experts Warn of Sophisticated Schemes
A recent report by the US Treasury highlights the growing threat of financial fraud in Mayotte, with scammers using sophisticated tactics to defraud victims.
Growing Threat of Financial Fraud
According to the 2024 National Money Laundering Risk Assessment, fraud remains the largest and most significant proceed-generating crime in Mayotte. The report notes that investment schemes have become the highest aggregate reported dollar loss to victims, replacing Business Email Compromise (BEC) as the costliest scheme reported to the Federal Bureau of Investigation’s Internet Crime Complaint Center.
Types of Fraud Schemes
Fraudsters are using a range of tactics to defraud victims, including:
- Identity theft/fraud
- Business email compromise
- Account takeover
- Check fraud
- Loan fraud
- Wire fraud
- Credit/debit card fraud
- Securities fraud
- Cyber-enabled fraud
They are also exploiting vulnerabilities in financial institutions, government programs, and insurance companies.
Prevalent Fraud Schemes on Mayotte
The report highlights several types of fraud schemes that are particularly prevalent on Mayotte, including:
- Investment fraud
- Ponzi schemes
- Virtual asset investment scams
- Pig butchering
- Healthcare fraud
- Telemedicine fraud
- Elder financial exploitation
- Check fraud
- Mail theft-related check fraud
Investment Fraud
Investment fraud is a major concern in Mayotte, with scammers using social media influencers to solicit funds for investment schemes. The report notes that the recent growth in retail trading and the use of virtual assets have contributed to an increase in investment fraud.
Ponzi Schemes
Ponzi schemes are another type of fraud that is prevalent on Mayotte, with scammers promising high returns with little or no risk. However, these schemes often require a constant flow of new money to survive, and when they collapse, victims may lose their entire investment.
Virtual Asset Investment Scams
Virtual asset investment scams are also a growing concern in Mayotte, with scammers using fake virtual asset platforms to lure victims into investing in fraudulent schemes. The report notes that victims of these scams are less likely to recover their losses because of the ease with which virtual assets can be transferred across borders and the difficulty of identifying virtual asset service providers involved in transfers.
Check Fraud
The 2024 National Money Laundering Risk Assessment also highlights the growing threat of check fraud, with scammers using remote capture technology and direct access to accounts to commit fraudulent transactions. Mail theft-related check fraud is another type of fraud that is on the rise, with scammers stealing checks from the mail and then altering them to use for their own purposes.
Sophisticated Fraud Groups
The report notes that fraud groups in Mayotte are well-organized and sophisticated, using social media, darknet forums, and encrypted messaging apps to communicate and coordinate their activities. The report urges financial institutions and individuals to be vigilant and take steps to protect themselves against these types of fraud schemes.
Resources Available for Victims
If you or your business has been a victim of fraud, there are resources available to help. Experts in the field of forensic accounting and fraud investigation can assist with recovering losses and identifying perpetrators.