Maroc - NEWSDAY.CO.TT - A la Une - 13/Nov 04:36

Top 5 online scams in the Caribbean

Online fraud in the Caribbean has exploded. What was once the occasional “send me a top-up” message has evolved into multi-million-dollar criminal operations using cloned websites, deepfakes, and cryptocurrency. Between 2020 and 2025, digital fraud across the region surged as people and businesses moved online faster than financial institutions could secure their systems. The Bank of Jamaica reported an 890 per cent rise in internet banking fraud since 2020, with losses exceeding JMD$800 million (US$5 million) by the end of 2023. The TT Police Service recorded TT$3 million (US$440,000) in online fraud losses in the last fiscal year, and the Financial Intelligence Unit of Guyana identified G$100 billion (US$478 million) in suspected fraud proceeds. Experts warn these figures understate the problem. Globally, only about 15 per cent of victims ever report fraud. Across the Caribbean, criminals have simply moved faster than the institutions — exploiting weak cyber-defences, slow investigations, and minimal public awareness. Here are the top five online scams now hitting the region — and how to spot them. 1. Investment and forex scams These scams dominate regional losses. Fraudsters promise quick, guaranteed profits through “forex trading,” “crypto arbitrage,” or “private investment clubs.” They build convincing websites showing fake dashboards and testimonials. Victims are pushed to deposit more to “unlock higher returns.” Once the money is sent, it’s gone. The TT Securities and Exchange Commission and Securities Commission of The Bahamas have repeatedly warned about unlicensed promoters and WhatsApp “investment groups.” Red flags: • Guaranteed or unrealistic returns. • Requests for crypto or wire transfers only. • No registration with a financial regulator. • Pressure to act immediately. If it sounds too good to be true — it is. 2. Banking and card fraud As more people turned to digital banking during the pandemic, card and account fraud exploded. The Bank of Jamaica says 69 per cent of total fraud losses now come from credit and debit card theft. Scammers send fake texts or emails pretending to be from your bank, asking you to “verify” an account or click a link. Others use phone calls or cloned websites to steal login details. Red flags: • Links in messages claiming urgent action. • Calls asking for passwords or one-time codes. • Suspicious withdrawals or small test charges on your card. Banks never ask for credentials by phone or text. 3. Social-media impersonation scams You get a message from a friend asking for urgent help — money for an emergency, a package fee, or crypto “unlock.” It looks and sounds real, but it’s not them. Hackers take over WhatsApp, Facebook, or Instagram accounts and message everyone in the contact list. Once you send money, they block you and move on. [caption id="attachment_1190052" align="alignnone" width="1024"] -[/caption] Red flags: • Unusual tone or spelling from someone you know. • Requests to move to another platform. • Stories that create pressure or secrecy. Always call or video-chat the person before sending money. 4. Fake news report and media-brand scams One of the fastest-growing scams in TT uses fake online news articles featuring local journalists or businesspeople promoting bogus “investment platforms.” These pages copy real newspaper layouts and logos, making them appear legitimate. Clicking through leads to a fraudulent website that collects your data and money. Red flags: • Slightly altered website addresses • No mention of the story on the outlet’s real site. • Unrealistic claims about easy profits. No credible journalist or media house is promoting private investment deals. 5. Business e-mail and corporate scams Small and medium-sized enterprises are prime targets. The Eastern Caribbean Central Bank warned that Business Email Compromise (BEC) — where criminals impersonate suppliers or executives to reroute payments — has become one of the costliest cybercrimes in the region. The average fake wire transfer request now tops US$39,000 globally. Caribbean SMEs, which make up 99.5 per cent of regional businesses, are especially vulnerable because they lack dedicated cybersecurity staff. Red flags: • Last-minute changes to payment details. • E-mails from addresses with slight spelling differences. • Urgent payment requests bypassing normal approval. Always confirm payment changes by phone with verified contacts. Why it’s getting worse The region’s rapid shift to online banking and digital services outpaced protection, but another factor makes scams even more dangerous: massive data breaches. In recent years, telecoms, retailers, and government portals across the Caribbean have been hacked, with customer files, passports, driver’s licences, and internal documents dumped online. Cases include attacks on TSTT and Digicel, a Massy data leak with passport copies, and breaches involving government and hospitality systems. These data dumps give scammers the perfect tools to personalise attacks — using real details to craft fake identities, emails, and deepfake messages that look and sound legitimate. Reporting fraud If you encounter a scam: • Report it on the platform — flag the fake post or profile. • Contact your local police or cybercrime unit with screenshots and evidence. • Alert your national financial regulator, such as: TTSEC (Trinidad and Tobago) Quick reporting helps regulators warn others and stop repeat scams. The Caribbean’s digital economy is growing — but so are the threats. Criminals are innovating faster than institutions. Staying alert, verifying before sending money, and reporting suspicious activity are now essential parts of financial safety.   The post Top 5 online scams in the Caribbean appeared first on Trinidad and Tobago Newsday.