From RCIPS

The RCIPS is investigating an incident in which an account within a local bank in the Cayman Islands was breached, and a sum of cash was fraudulently withdrawn from the account. The transactions are believed to have taken place multiple times over a week.

The banking activities were discovered by the owner of the account, who saw suspicious activities on their accounts and took the initiative to check with the bank directly.

To help minimise the risk of financial fraud, the RCIPS strongly encourages the public to follow these, among other security measures:

1. Enable Transaction Alerts: Activate and pay close attention to notifications from your bank regarding all transactions on your account.

2. Monitor Your Accounts Regularly: Use online banking portals to frequently review your account activity and report any suspicious or unauthorised transactions immediately.

3. Exercise Caution with Debit/Credit Card Use: Bank cards often serve as access points to accounts. Be vigilant when using them and routinely verify your transactions for any discrepancies.

4. Use Multi-Factor Authentication (MFA): Even when dealing with trusted vendors, multiple layers of authentication can enhance security and prevent unauthorised access.

5. Protect Your Card Information: Never share your credit or debit card details over the phone. When making in-person transactions, ensure you closely observe the process.

6. Report Suspicious Activity Immediately: If you notice any unusual or fraudulent activity in your account, notify your bank at once. Prompt reporting increases the likelihood of recovering or blocking unauthorised transactions.

The RCIPS remains committed to safeguarding the financial security of our citizens. Stay alert, exercise caution, and take proactive steps to protect your accounts from fraud.