DO NOT GET TAKEN BY WIRE TRANSFER SCAMS

The Financial Crimes Unit of the Royal Turks & Caicos Islands Police Force has sounded a warning to residents here in the TCI, not be tricked by scammers as they have detected a recent increase in scam victims here in the TCI. 

The FCU warns that using a bank or a money transfer company to “wire” funds electronically is an easy and convenient way to send cash to someone, noting that when consumers wire money to people they know, the transaction typically takes place without a problem. However, wiring money to strangers in another country they say is risky because often these persons could be scam artists.

“Crooks like their victims to use wire transfers because the money moves fast and they can take the money and run before the victim discovers the truth. Con artists also know that the transaction is difficult to reverse, and the money is difficult to get back. That’s why they will use any tactic to convince people to wire money to a complete stranger,” the FCU said.

“Never wire money to people you don’t know, regardless of how convincing or enticing their story may be. Scammers often win their victims’ confidence with some “bait,” such as a work-at-home offer, a great deal on a product for sale, or news that you have won some kind of lottery. Be especially careful with transactions over the Internet, where the other person’s true identity can remain anonymous. A stranger asking you to wire money is a huge red flag that it is a scam. Don’t fall for it,” the FCU warns.

The Financial Crimes Unit suggests, even if you get a request to send a wire transfer and it’s supposedly from someone you do know, to confirm that is the case some other way, such as through a separate phone call.

“If you are being pressed to make a decision or send money fast, it’s probably a sign of a scam. For example, crooks might frighten you with a phone call that a loved one is in trouble and needs cash sent to the caller immediately. Thieves may try to divert you away from using a more traditional means of money transfer, such as a credit card or check. To do this, they often stress the ‘urgency’ of the transaction to get the victim to act without thinking,” the FCU added.

Always remember that wiring money is like sending cash, and because you voluntarily sent the money, you have fewer protections in terms of getting it back. Never give out your bank account or credit card numbers in response to an advertisement or an unsolicited call, text message or e-mail. That information could enable someone to steal money out of your account by a wire transfer, before you have time to realize that the interaction was fabricated by a swindler,” the Financial Crimes Unit warned.