Cayman residents lose cash in bank scam

Two Cayman Islands residents have reported unauthorized withdrawals from their bank accounts in “substantial amounts” after responding to a scam email purporting to be from a local bank.

The Royal Cayman Islands Police Financial Crime Unit did not state how much money the two individuals lost but did note a number of fraudulent solicitations from more than one local bank have been circulating recently.

These solicitations send emails asking people to provide their bank account numbers or personal identification numbers from debit cards.

Once the suspects obtained that information, they used it to hack the email account of the victim. The email account is then used to send emails with their financial information to the bank, requesting a wire transfer.

Police said these types of emails should never be responded to and urged residents to contact their banks immediately, if they are received.

“Banking institutions will never solicit such information from you over your email,” said Chief Inspector Richard Barrow. “No matter how legitimate the email may appear, if it is asking you to input your account number and PIN, it is definitely a scam.”