November 28, 2021

Cayman: RCIPS FCIU issues reminder on importance of reviewing financial statements

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The COVID-19 pandemic has influenced an increase in reliance on automated services, such as online banking and the reliance on the use of Debit/Credit cards.  With this, the police are seeing an increase in fraudulent activity being reported.

The RCIPS Financial Crime Investigation Unit is advising the public to play close attention to their credit and debit card statements. Anyone who notices suspicious or unauthorized transactions is advised to inform your bank immediately and contact the RCIPS Financial Crime Investigation Unit at [email protected]. Identifying and reporting suspicious or unauthorized transactions in a timely manner allows you to prevent further transactions from occurring, the funds from which may be difficult to recover.

In some cases persons have only become aware of a series of unauthorized transactions months after they first began. In cases like this, even if the individual transactions are for relatively small amounts, the cost to you can quickly add up.

The FCIU is also reminding the public to exercise caution when conducting credit card transactions. When paying for purchases, avoid allowing persons to walk out of sight with your credit card, especially for extended periods. Persons should also be extremely cautious about giving credit card information over the phone. If you have any reason to be suspicious, monitor your credit and debit card transactions carefully, and immediately report any unauthorized purchases to your bank and to the RCIPS FCIU at the email address above.

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