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Police Warn Business Owners about Business Email Compromise Frauds

Law Enforcement 17 Oct, 2023 Follow News

Police Warn Business Owners about Business Email Compromise Frauds

The RCIPS are becoming increasingly concerned at the level of sophistication used by International fraudsters targeting businesses in the Cayman Islands through the use of Business Email Compromise or BEC Frauds.

These frauds involve 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 future invoices should be settled via 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. 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.

Care should especially be taken when clicking on links and attachments, even from seemingly known sources.

We are asking that everyone tightens up their security around their email accounts and set up multi-factor authentication where possible.

We would also remind the public, that if an online identity asks to deposit monies into your bank account and you then transfer the money overseas, you may be committing offenses of money laundering.

Anyone who believes they have fallen victim to BEC Frauds are encouraged to make a report with the RCIPS by calling 649 8797 or emailing rcips.fcu@rcips.ky<mailto:rcips.fcu@rcips.ky> and to notify your banks immediately.

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