Officers from the Royal Cayman Islands Police Service Financial Crime Unit are again urging people to be vigilant to avoid becoming the victim of online fraud.
Three specific types of fraud are being highlighted by the FCU:
Money muling
Money muling is a scam in which the victim is duped into taking part in a money laundering scheme, mainly through online banking sites and money transfers. Victims can be recruited in a number of ways, including direct email solicitation, bogus job adverts, instant messaging and classified adverts – either in newspapers or online.
Overpayment scheme
In this scam, criminals buy items or products from their victim and then deposit too much money in their victim’s bank account. The criminal and the victim never meet face-to-face and all communication is carried out online. The criminal then requests that the victim send the refund to a third party in an overseas bank account or via a money transfer service
Email direct approach
The third, and most common method of fraud, is through a direct approach via email. The perpetrators of the fraud craft the email to appear as if it comes from a reputable institution or organisation using logos, false websites and names to encourage you to part with your personal information.
Detective Inspector Ian Lavine of the FCU said: “All three scams are designed to encourage victims to part with personal and banking details, and the criminals then take money directly from their victim’s bank accounts. Never reveal your personal details or bank details to anyone online or over the phone. If you are suspicious about any email communication, or any financial transaction you are asked to enter into, please stop and think, do not supply your details and don’t make any arrangements for payment. You should call the Financial Crime Unit where our officers will be available to provide you with advice about how to avoid becoming a victim of online fraud.”
Anyone who requires further information should contact the RCIPS Financial Crime Unit on 949-8797.
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