CIMA, RCIPA & Chamber to host fraud prevention seminars

Cayman Islands Monetary Authority : CIMA, RCIPS & Chamber hosts high-level fraud prevention seminars

The Cayman Islands Monetary Authority (CIMA), in conjunction with the Royal Cayman Islands Police Service’s Financial Crimes Unit (FCU) and the Cayman Islands Chamber of Commerce, will host a high-level seminar to mark International Fraud Awareness Week later this month.

International Fraud Awareness Week involves countless entities taking a global stand to promote awareness, detection and prevention of fraudulent practices. Directed primarily at business leaders and employees who are often the first line of defence, the seminar takes a proactive stance to minimize the impact of fraud by promoting anti-fraud awareness and education. According to the Association of Certified Fraud Examiners (ACFE), organizations worldwide lose an estimated 5% of annual revenues due to fraud.

“Fraud is a real and constant threat to our economy and this seminar is our attempt to educate all our stakeholders in alleviating this continual threat,” CIMA’s Deputy Managing Director, Patrick Bodden said. “We cannot allow fraudsters to have any measure of success. Fraudulent practices affect us all, causing grave monetary loss and reputational damage to our financial services industry.”

Four anti-fraud sessions will be held in Grand Cayman at the Chamber of Commerce training room in Governor’s Square on 12 and 13 November. A fifth session will be held in Cayman Brac on 14 November at the Alexander Hotel.

A representative from De La Rue, printers of the Cayman Islands banknotes, will present “Know Your Money” segments, highlighting the security features of genuine Cayman Islands currency to assist participants in distinguishing genuine notes from counterfeit ones.

The RCIPS will highlight the role of the police during the complaints and investigation process. They also enlisted the US Secret Service to present the new US currency, with its security features, and disclose the latest scam, identity theft and credit card fraud practices. “Our aim is to give participants a better understanding of the investigation process and what they should expect from the police,” Acting Detective Superintendent, Claudia Brady said. “However, this is a multi-agency effort with fraud and financial crimes as a priority.”

The Chamber has partnered with the RCIPS and CIMA on this initiative since 2004 to promote and support fraud prevention activities for employers and their employees.

“The Chamber is pleased to partner with CIMA and the RCIPS to organize and host this fraud prevention seminar that will benefit the local business community. Fraud is a serious and costly concern for any business that has suffered the impact of fraud. These sessions will assist Chamber members, and the wider business community, to learn ways to prevent and diagnose fraudulent activities.”

All businesses are strongly urged to register their staff to attend one of the free workshops, which are proudly sponsored by Fidelity Bank and Scotiabank &Trust.

For more information, or to register online, go to www.caymanchamber.ky.