Officers of the Financial Crime Unit of the RCIPS are currently investigating a number of incidents where fraudsters have come to possess bank details by hacking email accounts and sending fraudulent wire instructions to various banks in Cayman.

Victims have sent legitimate wire instructions to respective banks via email requesting wire transfers to various parts of the world.  Once that private information is provided, computer hackers are in possession of account numbers, bank balances, scanned signatures and other confidential information.  The hackers/fraudsters then send subsequent emails from the victim’s email account instructing the local banks to wire further funds to various destinations all over the world.

Hundreds of thousands of dollars have been fraudulently wired from the Cayman Islands to the US, Hong Kong, Singapore, Malaysia, Denmark and other jurisdictions.  By the time attempts are made to recall the fraudulent wires, the funds have been collected and it is too late.

The Financial Crime Unit does not recommend sending banking details via email.  A telephone call to the bank could save hundreds of thousands of dollars and heartache in the long run.  The RCIP FCU is always available for advice should any member of the community require it. Officers can be contacted on 949-8797.