CIBC Hosts Special Banking Event for Seniors

By Stuart Wilson

CIBC Bank held a Special Banking Event for Seniors at the bank’s George Town branch on Wednesday 28th October.

The evening was a time of fellowship and camaraderie for those in attendance. However, there was also serious business to attend to, as the session provided an opportunity for banking officials and law enforcement officers to advise the group about cybersecurity and the importance of remaining vigilant to prevent scammers from taking advantage of them.

Seniors are often targeted in elaborate schemes perpetrated by sophisticated and savvy criminals who use technology to dupe unsuspecting victims, with older persons being particularly vulnerable.

“We’ve brought together members of our team and representatives from the Financial Crimes Unit to assist in providing our senior clients with information to help combat scams, as it is a very relevant topic at this time,” noted CIBC Country Manager, Mr. Gemel Sobers.

“We want to keep our customers educated so that they don’t fall victim to these kinds of crimes,” he explained.

“We want to make sure all of our clients are safe, not just online, but we also want them to be aware of things like giving out their information without verifying the source from which the request is being made,” he said, adding that such activities would be held periodically by the bank to help ensure customers remain safe.

Detective Inspector Nevan Bradshaw of the Financial Crimes Investigation Unit attended the event, along with Officer Nigel Williams-Bailey.

“We investigate all domestic economic crime within the Cayman Islands, and we make it a point of duty to sensitise, especially the elderly, when we get a chance. As you can imagine, the elderly are vulnerable by virtue of their age.

“A lot of times, they may not be as savvy with the various types of crimes that are being perpetrated today. Most of these crimes are what we call ‘cyber-related’ crimes,” noted Detective Inspector Bradshaw.

He added that cell phones, WhatsApp and artificial intelligence (AI) are posing new challenges.

“Criminals are smart enough to know who their target audience is, and if there is a vulnerability, they are going to be quick to capitalise on it and exploit it,” he remarked.

Detective Inspector Bradshaw also stressed the importance of maintaining strong relationships between law enforcement and financial institutions, noting that banks may serve as conduits through which funds associated with criminal activities pass.

Officer Williams-Bailey advised attendees to secure their WhatsApp accounts using two-step verification and to take advantage of available security features to protect their messages and chat histories, making it more difficult for criminals to gain unauthorised access.

He explained that criminals often gain access to conversations, identify previous financial transactions and exploit those contacts, sometimes locking legitimate users out of their own accounts.

Deepfakes and other AI-related threats are also growing concerns, adding to the caseload of detectives, who acknowledged the challenges of meeting increasing demands with finite resources that can, at times, be stretched too thin.

Although the bank’s Special Banking Event for Seniors coincided with Older Persons Month, organisers explained that the event had not been specifically scheduled as part of the observance.