CIBA Launches Consumer Awareness Campaign to Help Customers Spot and Avoid Money Mule Scams

The Cayman Islands Bankers Association (CIBA) has launched a new consumer awareness campaign aimed at helping customers recognise and avoid money mule scams, a growing form of financial fraud increasingly targeting individuals through social media and messaging platforms.

Money muling occurs when a person is asked to receive, move or withdraw money on behalf of someone else, often in exchange for what is presented as “easy” or “quick” cash. In reality, the money involved is typically linked to criminal activity, and those who agree to move it — even once — may be committing a serious offence.

The campaign will be rolled out across social media channels and shared by CIBA’s six retail bank members. It builds on CIBA’s ongoing efforts to educate the public on safe banking practices, fraud prevention and digital security.

“Criminals are increasingly using real people’s bank accounts to move illegal funds, and many individuals do not realise the serious consequences until it is too late,” said Richard Lewis, CIBA’s Chief Operating Officer. “This campaign is about giving customers the information they need to protect themselves, their accounts and their futures.”

CIBA noted that money mule recruitment often begins with messages that appear harmless, including online job offers promising quick cash, requests from online acquaintances, or appeals to help a ‘friend of a friend’ by using a personal bank account. These approaches may come through social media, messaging apps or gaming platforms and are designed to create urgency or a sense of trust.

As part of the campaign, CIBA will highlight common warning signs, including requests to use a personal bank account, offers to ‘keep a percentage’ of transferred funds, and messages encouraging secrecy or discouraging contact with a bank. The campaign also reinforces a clear message to consumers: legitimate employers and businesses will never ask individuals to use their personal bank accounts to move money for others.

CIBA is encouraging anyone who receives such requests to stop immediately, not move any funds, and contact their bank for guidance. Customers are also advised to report suspicious activity to the Financial Investigation Unit of the Royal Cayman Islands Police Service (RCIPS) by email at Email.RCIPS.FCU@rcips.ky  or by phone at 1 345 949-8797.

For ease of reference, “your bank account is tied to your name and your identity,” Lewis added. “Protecting it is a key part of banking safely in today’s digital environment.”

Additional information, guidance and campaign resources will be made available on cibankers.org/, alongside content shared through the association’s social media channels and those of its member banks.

The Cayman Islands Bankers Association represents Cayman’s retail banks and works collaboratively to promote financial literacy, consumer protection and confidence in the local banking system.