The Cayman Islands Monetary Authority together with the Royal Cayman Islands Police Service’s Financial Crimes Unit (FCU) and the Cayman Islands Chamber of Commerce is hosting seminars to mark International Fraud Awareness Week this month.
International Fraud Awareness Week promotes awareness, detection and prevention of fraudulent practices. Directed primarily at business leaders and employees who are often the first line of defense, the seminar takes a proactive stance to minimize the impact of fraud by promoting anti-fraud awareness and education.
According to the Association of Certified Fraud Examiners, organizations worldwide lose an estimated 5 percent of annual revenues due to fraud.
“Fraud is a real and constant threat to our economy and this seminar is our attempt to educate all our stakeholders in alleviating this continual threat,” CIMA’s Deputy Managing Director Patrick Bodden said.
“We cannot allow fraudsters to have any measure of success. Fraudulent practices affect us all, causing grave monetary loss and reputational damage to our financial services industry.”
Cayman Brac, Grand Cayman sessions
Four anti-fraud sessions were to be held in Grand Cayman on Nov. 12 and 13. A fifth session will be held in Cayman Brac on Nov. 14 at the Alexander Hotel.
A representative from De La Rue, printers of the Cayman Islands banknotes, was to present “Know Your Money” segments, highlighting the security features of genuine Cayman Islands currency to assist participants in distinguishing genuine notes from counterfeit ones.
The RCIPS was to highlight the role of the police during the complaints and investigation process. They also enlisted the US Secret Service to present the new U.S. currency, with its security features, and disclose the latest scam, identity theft and credit card fraud practices. “Our aim is to give participants a better understanding of the investigation process and what they should expect from the police,” Acting Detective Superintendent, Claudia Brady said. “However, this is a multi-agency effort with fraud and financial crimes as a priority.”
The Chamber has partnered with the RCIPS and CIMA on this initiative since 2004 to promote and support fraud prevention activities for employers and their employees.
“The Chamber is pleased to partner with CIMA and the RCIPS to organize and host this fraud prevention seminar that will benefit the local business community.
“Fraud is a serious and costly concern for any business that has suffered the impact of fraud. These sessions will assist Chamber members, and the wider business community, to learn ways to prevent and diagnose fraudulent activities.”
For more information, go to www.caymanchamber.ky.