CAYMAN ISLANDS RESIDENTS WARNED OF BANK FRAUD SCAMS

A recent surge in financial scams and fraudulent activity has prompted a warning from the Royal Cayman Islands Police Service (RCIPS) Financial Crime Investigation Unit, urging residents to be vigilant and cautious when it comes to their finances.

Types of Scams to Watch Out For

The RCIPS has identified several types of scams that have been targeting unsuspecting individuals:

• “Get Rich Quick” Investment Schemes: These schemes promise quick and significant returns for relatively low investment. They often involve cold calls on the telephone, unsolicited emails and marketing, referrals by friends or contacts adding legitimacy, and fictitious payment service providers to take credit card payments.
• Cryptocurrency and Social Media Scams: Criminals lure victims into digital relationships to build trust before convincing them to invest in cryptocurrency investment platforms. This can involve romance or confidence scams via YouTube comments sections, dating apps, direct messages on Instagram, Facebook messaging, and LinkedIn messaging.
• Business Email Compromise (BEC): BEC involves the use of email messages appearing to be from a known source making a legitimate request, often involving spoofing of email accounts and/or websites using slight variations on legitimate addresses. These emails may trick victims into revealing confidential information or installing malware or malicious software to infiltrate business networks.
• Account Takeover or Compromise Fraud: This type of fraud involves the use of stolen credentials, such as login details, modification of security or personal identifier information to allow continued access. It can be achieved through various means, including victims unwittingly clicking on rogue links sent via email or website “pop-ups,” remote desktop screenshare platforms, and unauthorized access to computer activity.
• Credit/Debit Card Scams: These scams often involve taking card details only, not the physical card. They can be obtained by sharing card details or PIN with others, removing cards from sight when making payments, using cards for phone transactions without secure recognizable platforms, responding to unexpected emails or texts purporting to be from a bank, and providing card information to the “bank.”

Staying Safe

The RCIPS urges members of the public to be wary of anyone requesting sensitive information or transfer of funds via email, SMS, or social media platforms. Financial institutions will never ask for account or personal information to be shared via email or text message.

If you believe you may be a victim of a financial crime, contact the Financial Crime Investigation Unit at RCIPS.FCU@rcips.ky or 949-8797. Monitor your accounts for payments you don’t recognize and report them immediately to your bank if you see any suspicious activity.