Chamber wants to know crime effects

The
Cayman Islands Chamber of Commerce has asked its members to identify how crime
is affecting their businesses and employees in a lengthy survey that was
released Thursday.

The
Economic Crime Survey for 2010 is similar to a 2006 Chamber survey that
identified $20 million in business losses in the Cayman Islands due to economic
crime at that time.

Survey
data for the 2010 questionnaire will be gathered by accounting firm Krys and
Associates. 

“Although
the focus in Cayman in recent months has turned primarily to violent and other
traditional forms of crime, economic crime is still highly relevant during the
current recession due to the potential magnitude of the losses,” Krys and Associates
founder Kenneth Krys said.

Economic
crime is defined as cheque and credit card fraud, corruption, cyber crime,
identity theft, real property theft, and other types of fraud.

The
survey also delves into property crimes and violent crimes. Business owners are
asked whether physical property crimes had a greater direct impact on business
so far this year; what additional crime prevention/loss measures they’ve taken
since last year and how much was spent on those measures.

The
violent crime questions asked centre around what types of violent crimes
occurred in a business’s area, how often police were seen in the area, whether
business owners had witnessed a violent crime occurring and how safe each
respondent feels when walking alone in their area at night.

The
majority of the questions in the Chamber survey focus on economic and
retail-related issues. A total of 37 questions of the 77 question survey focus
on economic crime. Those generally seek to determine whether “white collar”
crimes are having more or less impact, and what types of economic crime
business owners are facing most often.

Responses
are requested to be submitted by 16 July. The survey results will be given to
the Royal Cayman Islands Police Service, lawmakers and Chamber of Commerce
members.

“In
order to understand one’s risk during difficult economic times, one must truly
understand one’s weaknesses and losses,” Chamber President Stuart Bostock said.
“The Economic Crime Survey will give all readers an insight into the thoughts
and concerns of local business owners and how this type of crime is affecting
sales, operations, and profits.”

“This
is not a problem unique to us. We must never lose sight that doing business in
the Cayman Islands is still a very viable and prosperous proposition.”