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(CNS): The RCIPS is increasingly concerned at the level of sophistication used by international fraudsters targeting businesses in the Cayman Islands through the use of business email compromise (BEC) frauds. The police are urging everyone to tighten up email account security and set up multi-factor authentication where possible. They are also warned that victims of these scams could even be breaking the law.
Officers from the Financial Crimes Unit said the fraud involves the use of emails purporting to come from legitimate businesses and individuals, often arriving from known and previously used email addresses. The emails often explain that the suppliers are changing their bank accounts from one Cayman-based bank to another and that future invoices should be settled to the new bank account.
“We are asking that anybody who receives such emails takes the time to telephone the known supplier and double check that the email is genuine,” the police said. “Individual and business email accounts are being hacked into, and the fraudsters are sending emails sent on behalf of the individual and/or business that are not genuine. This includes cases where victims check by email that the original one was genuine and the fraudsters reply.”
Police said email users should be very cautious when clicking on links and attachments, even from seemingly known sources. They also warned that if an online identity asks to deposit money into your bank account and you then transfer it overseas, you may be committing the offence of money laundering.
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