Police and regulators are warning the public about a fake ‘Cayman Crypto Bank’.
A police spokesperson said the fraudulent bank claimed to be based here, as well as “registered and licensed with the Financial Intelligence Unit of the Cayman Islands for financial regulation”.
While the government’s Financial Reporting Authority is considered to be Cayman’s financial intelligence unit, it has no supervisory or regulatory roles, the statement said.
He added that no entity by the name of ‘Cayman Crypto Bank’ is registered with the Companies Registry or with the Cayman Islands Monetary Authority (CIMA).
The spokesman explained, “Fraudsters create fake bank websites to mislead and entice people into transferring money or disclosing personal information.
“This scam is a form of ‘phishing’. Some of these fake bank websites use the name or logo of government entities to instill a false sense of security.”
The fraudulent website’s address is www.caymancryptobank.com.
The spokesperson advised the public not to drop their guard and to ensure they scrutinise any businesses or websites claiming to be Cayman-regulated before they make contact.
They added that businesses could be checked out on CIMA’s list of regulated entities to make sure it was approved to offer financial services. And anyone who had made contact with the bogus website should make a suspicious activity report to [email protected].
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