Financial Crime World

Title: RCIPS Warns Public of Increase in Financial Fraud Cases in Cayman Islands: Ponzi Schemes, Cryptocurrency Scams, and Email Compromise

The RCIPS Financial Crime Investigation Unit has reported a surge in financial scams and fraudulent activity in the Cayman Islands. Here are some common types of financial fraud currently on the rise:

1. Standard Investment Fraud (Ponzi Schemes)

  • Criminals contact potential victims through unsolicited calls, emails, or referrals
  • They present the illusion of a legitimate payment service provider
  • Scammers may use traditional Ponzi schemes or deceptive tactics

2. Cryptocurrency and Social Media Scams

  • Fraudsters lure victims into digital relationships and introduce them to fraudulent schemes
  • Scams may take the shape of romance, confidence tricks, or unsolicited approaches
  • Social media channels such as YouTube, dating apps, Instagram, Facebook messaging, and LinkedIn messaging are common platforms for scams

3. Business Email Compromise

  • Malevolent actors send emails that mimic communications from trusted sources
  • They make legitimate requests or use spoofed emails, websites, spearphishing, or phishing emails
  • Infiltrating business networks using malware or malicious software

4. Account Takeover and Compromise Fraud

  • Identity theft involving stolen login credentials is called account takeover or compromise fraud
  • Criminals may gain initial access through rogue links or remote desktop screenshare platforms
  • They eventually manipulate account settings for continued access

5. Credit/Debit Card Scams

  • Credit and debit card details are increasingly targeted in scams where the physical card is not necessary
  • Card details can be obtained through shared information, stolen glances during transactions, unsecured online card payments, or unexpected communications from supposed banks

Staying Safe

Members of the public are advised to remain cautious against anyone requesting sensitive information or financial transactions via email, SMS, or social media platforms. Legitimate financial institutions will never ask for these details to be provided in such a manner.

If you believe you have fallen victim to a financial scam, contact the RCIPS Financial Crime Investigation Unit:

Stay informed and stay safe!