Title: Alarming Surge in Identity Theft Cases and Financial Losses in Seychelles’ Finance Sector: SR18 Million Stolen in Two Years

Introduction

The Financial Intelligence Unit (FIU) of Seychelles has reported an alarming increase in internet scams and frauds, with estimated financial losses reaching approximately SR18 million over the last two years.

Concerns Raised by FIU’s Director

During an interview with local media, Philip Moustache, the FIU’s Director, expressed concern over the growing number of cases, stating that “many cases go unreported, and not all victims feel comfortable coming forward.”

Ways Scammers Gain Access to Unsuspecting Individuals

1. Friend requests on Facebook
2. Romance scams
3. Lottery scams
4. Extortion attempts
5. Loan offers
6. Online shopping, among others

Individual Cases of Financial Losses

1. One victim lost SR53,000
2. A woman wired over SR285,000 to a supposed romantic partner

Businesses also at Risk

The biggest reported loss thus far has been SR1.2 million. Many victims have fallen prey to scams originating from West Africa, with the possibility of money being used to fund terrorist activities.

FIU’s Plea to the Public

Moustache urged everyone to stay vigilant and report any suspicious activity, as Internet users need to be on high alert, as scammers are constantly adapting and finding new ways to steal money.

Importance of Protecting Personal Details and Avoiding Identity Theft

People fall into these traps due to their naivete, desperation, or greed. Moustache emphasized that once the money is gone, it’s virtually impossible to retrieve it, and some people have even sold their properties, cars, or borrowed money to send to the scammers.

Conclusion

The FIU is urging the public to report any incidents and remain cautious online.