Common Financial Scams in Guyana Targeting Women, Warns Financial Intelligence Unit
The Financial Intelligence Unit (FIU) has received over 75 reports of financial fraud cases targeting women in Guyana since the start of the pandemic. According to FIU Director Matthew Langevine, these scams have increased significantly since March 2020 and women have become the main targets.
Romance Scams on the Rise
Langevine attributes the increase in romance scams to the pandemic, citing the fact that more people are staying at home for longer periods and engaging in virtual relationships. The FIU believes that local and foreign collaborators are operating these typical romance scams, and is working with similar agencies across the region to address the issue.
Scammers’ Tactics
Scammers use various tactics to convince victims to part with their money, including:
- Lies about customs checks
- Threats of legal action if they refuse to pay
- Convincing victims that a package contains a large sum of cash
In one recent case, a young woman lost US$7,500 after being convinced to make multiple payments for a “package” containing a large sum of cash. The scammer instructed her to make payments, including one for over US$400, claiming the package had arrived at her local bank account.
No Recovered Lost Funds
Unfortunately, no cases of recovered lost funds have been reported, with Langevine noting that it is unfortunate given the country’s struggles during the pandemic, which has already impacted many people’s incomes.
Combating Financial Crimes
To combat these financial crimes, the FIU is:
- Collaborating with banks and money transfer agencies to ensure staff can detect and prevent scams
- Publishing a typology on its website, providing information on common characteristics of financial scams and how they can be avoided
Langevine urged women in particular to exercise caution when engaging in online relationships and to report any suspicious activity to the FIU or other relevant authorities.
Take Action Today!
To avoid falling prey to these scams:
- Be cautious when meeting someone online
- Verify the identity of the person you are communicating with
- Never send money to someone you don’t know well
- Report any suspicious activity to the FIU or other relevant authorities
Stay informed and stay safe!