Financial Crime World

Financial Crime Definition: Cayman Islands Warns Public Against “Get Rich Quick” Schemes and Phone Scams Amidst Pandemic Increase

The Royal Cayman Islands Police Service’s (RCIPS) Financial Crime Investigation Unit has issued a warning about the surge in financial scams since the COVID-19 pandemic began. The unit is urging citizens to exercise caution to avoid falling prey to these schemes.

“Get Rich Quick” Schemes: A Recipe for Disaster

These schemes often promise astronomical returns in a short period of time, but they usually come with devastating consequences for unsuspecting victims. If something seems too good to be true, it usually is. The public is advised to steer clear of such dubious investments altogether.

Phone Scams: A New Twist on an Old Trick

The FCIU has identified a new tactic used by scammers to solicit funds from individuals. This involves overseas criminals cloning local phone numbers and activating WhatsApp on a separate cell phone. They then message the original phone number holder, claiming to be a friend, and ask them to send a verification code that was supposedly sent in error.

  • The scammer will subsequently impersonate the phone number holder and reach out to friends, requesting money transfers via online platforms due to an illness or emergency.
  • The public is cautioned against sharing sensitive information or transferring funds through email or instant messages, and instead advised to verify requests through voice or video calls.

Protect Yourself from Financial Scams

If you suspect you have fallen victim to a financial scam, the RCIPS Financial Crime Investigation Unit urges you to contact them at RCIPS.FCU@rcips.ky or 949-8797. Stay vigilant and stay informed to protect yourself from these increasingly common scams.

Remember:

  • Be cautious of any investment opportunities that promise astronomical returns in a short period of time.
  • Verify requests through voice or video calls, rather than email or instant messages.
  • Do not share sensitive information or transfer funds without proper verification.

Stay safe, Cayman Islands!