Increases in fraud and cybercrime due to COVID-19
The RCIPS Financial Crime Investigation Unit is highlighting findings by the international Financial Action Task Force (FATF) that fraud and cybercrime has increased during the COVID-19 pandemic, with criminals taking advantage of the pandemic to lure their victims to provide personal information or to part with their money.
The public is advised to remain vigilant in regards to the below types of activity:
The FATF has reported that there has been an increase in criminals impersonating government officials to try to obtain personal banking information or physical cash from victims. Other criminals have advertised themselves as selling essential goods, including medical supplies and medicines. They ask for payment in advance but never deliver the goods. In other cases, the goods are delivered but they are either counterfeit or they are ineffective, including some criminals selling products that are marketed as miracle cures for COVID-19.
People should also be aware of fundraising appeals by fake charities. Some of these charities, particularly those based overseas, could be fronts for terrorist financing. In the Cayman Islands, charities must be registered with the Registrar of Companies; persons seeking to make charitable donations should check the registration status of charities online at www.ciregistry.ky.
The FATF has reported that there has been an increase in criminals impersonating government officials to try to obtain personal banking information or physical cash from victims. Other criminals have advertised themselves as selling essential goods, including medical supplies and medicines. They ask for payment in advance but never deliver the goods. In other cases, the goods are delivered but they are either counterfeit or they are ineffective, including some criminals selling products that are marketed as miracle cures for COVID-19.
People should also be aware of fundraising appeals by fake charities. Some of these charities, particularly those based overseas, could be fronts for terrorist financing. In the Cayman Islands, charities must be registered with the Registrar of Companies; persons seeking to make charitable donations should check the registration status of charities online at www.ciregistry.ky.
