CAYMAN ISLANDS BANKERS’ ASSOCIATION (CIBA)
AND
ROYAL CAYMAN ISLANDS POLICE SERVICE (RCIPS) JOINT STATEMENT – FRAUD ATTACKS
DECEMBER 12th, 2024
Public Alert: Ongoing Fraud Attack in the Cayman Islands
CIBA, on behalf of local banks and the RCIPS, wish to alert the public to an ongoing cyber fraud attack targeting residents in the Cayman Islands.
Over recent weeks, numerous reports have been received regarding fraudulent ‘smishing’ SMS messages that appear to be from local banks. These messages falsely claim that a recipient’s account has been placed on hold pending verification and directs them to a link to “prevent account closure.” The link then prompts recipients to enter their online banking credentials. Unfortunately, several residents have fallen victim to this scam.
Protect Yourself: Key Warnings
Richard Lewis from The Cayman Islands Bankers’ Association (CIBA) provided the following advice.
“No Cayman Islands retail bank will ever ask for your PIN, online banking credentials e.g., username and password, or any sensitive personal details via text, email, or phone. Fraudsters often use fear tactics to pressure victims into acting quickly without thinking. They may claim issues such as account suspension or suspicious activity to scare you into compliance. Always pause before acting and verify any request by contacting your bank directly.” He further advised that fraudsters are using Cayman based telephone numbers, which may seem genuine but are part of the scam.
Enhanced Tactics and Local Money Mules
We believe that fraudsters are utilizing local “money mules” to assist them in receiving and forwarding fraudulent funds via electronic transfers. A “money mule” is someone who knowingly or unknowingly moves money acquired illegally on behalf of another person.
Providing such assistance is a crime. Money mules can face prosecution, regardless of their awareness or intent.
As part of the ongoing investigation, the RCIPS has arrested three (3) individuals on suspicion of money laundering offenses. Detective Sergeant Nevron Bradshaw of the RCIPS Financial Crime Unit explains:
“SMS scams are relatively common, but they often don’t result in any significant impact on targets here in Cayman. However, this scam is different, as it demonstrates a step up in tactics through the recruitment of local money mules, and the real impact it has had on local persons losing, in some cases, significant amounts of money.”
Tips to Protect Your Bank Account
- Never click on links in unsolicited emails or texts that claim to be from your bank.
- Avoid entering login credentials on unfamiliar screens—even if they appear to be from your bank.
- Never share your online banking password or PIN with anyone
- Ignore suspicious requests and verify them by contacting your bank directly.
- Pause before acting on urgent requests. Fraudsters often pressure victims with fake emergencies.
- Trust your instincts. If something feels off or too good to be true, it likely is.
- Stop communicating with fraudsters once you suspect a scam.
- Report fraud immediately to your bank if you believe you may have fallen victim to a scam. Prompt reporting can help mitigate potential losses.
Stay Alert
The RCIPS urges everyone to remain vigilant, especially during the holiday season, when such scams are more prevalent. Your cooperation is vital in preventing further incidents and safeguarding our community from fraud.
