Financial Crime World

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Financial Fraud Schemes Alert: Trinidad and Tobago Warns Public

In a bid to protect its citizens from financial fraud, the Financial Intelligence Unit (FIU) has released a public advisory warning of common types of financial fraud schemes reported in Trinidad and Tobago.

Warning Signs of Financial Fraud

According to Susan S. François, Director of the FIU, these scams often begin with a letter, email or telephone call to the intended victim, promising large gains in exchange for advance payments which are later found to be irrecoverable.

Common Types of Fraud/Scams Reported in Trinidad and Tobago

  • The Lottery/Inheritance Scam: Victims are promised large sums of money for winning a lottery or inheriting wealth from a long lost relative, with the scammer requesting small fees upfront before releasing the “winnings”.
  • Unclaimed Money: Fraudsters contact victims claiming to be government or bank employees, promising them a large sum of unclaimed or stolen money in exchange for a small fee.
  • Distressed Friend/Relative Email: Victims receive emails from family members or friends claiming to be stranded abroad and requesting wire transfers to pay hotel bills and expenses.

Additional Warning: Job Offers Requiring Bank Accounts

The FIU also warns citizens about job offers that require the use of bank accounts to receive and pass on payments, which could be money laundering or financing terrorism schemes.

Targeted Groups

Retirees and pensioners are increasingly targeted by these scams, with thousands of dollars being wired or mailed to unknown persons in the name of claiming large fortunes, lottery winnings, or inheritance.

Prevention Tips

  • Do not give out bank or personal information to unknown persons.
  • Avoid sending money through non-bank services.
  • Verify any email requests for money from friends or relatives before responding.

Reporting Suspicious Activity

Citizens are advised to refer any suspicious correspondence to the police. For further information on anti-money laundering and counter financing of terrorism, visit the FIU’s website at www.fiu.gov.tt.