Video: Agencies Team Up To Prevent Scams
The Bermuda Monetary Authority, the Department of Consumer Affairs and the Bermuda Police Service have teamed together to remind the public to be vigilant and protect themselves against fraudulent financial schemes that target consumers.
The three agencies are closely monitoring a variety of scams that can leave consumers who participate in them financially disadvantaged.
These activities can include counterfeit Bermuda currency being circulated locally [specifically the older banknote series printed between 1994 and 2000]; the advertising of pyramid, or fraudulent multi-level marketing schemes; as well as the ever-present phishing e-mails that seek to gather personal banking information.
The BMA regulates institutions and monitors overall stability in the Bermuda financial services sector. The Department of Consumer Affairs deals with among other matters, individual customer complaints and the BPS investigates instances of financial crime with a view to prosecuting offenders.
Pat Phillip-Bassett, Deputy Director, Corporate Governance & Communications of the BMA said, “We are taking a proactive stance to advise the public that they should also be proactive in protecting themselves. This is particularly important in the current economic climate when persons may be tempted to participate in what appear to be financial opportunities offering quick returns.”
“One of the best ways consumers can protect themselves is to stay informed,” Ms. Phillip-Bassett said. “The BMA, Consumer Affairs and BPS websites are excellent resources to find helpful consumer protection tips. The Authority’s ‘Know Before You Go’ Consumer Education website encourages the public to Read, Ask, Check: Read documents and emails properly; Ask questions before signing anything and check credentials.”
“Regarding counterfeit banknotes, individuals and businesses should take the time to check that notes, particularly older $50 bills, are genuine. The public should ‘Look, Feel, Tilt and Check,’ the older notes. Issues with counterfeit currency in Bermuda are still not as prevalent relative to other jurisdictions.
However, if we are all proactive, we can prevent further instances significantly.” Karen Marshall, Executive Director of the Department of Consumer Affairs said, “The Department of Consumer Affairs is concerned that during these challenging economic times people are looking for opportunities to make money. Scammers realize this and are relying on consumers’ vulnerability.”
“Scams are a growing problem, and while most local residents have gotten smarter about recognising scams and protecting themselves, scammers are getting very clever and as a result are still managing to successfully scam unsuspecting people,” Ms. Marshall said. “Two of the more popular scams that the public must protect themselves from are phishing and pyramid schemes.”
“The Department of Consumer Affairs has compiled information and tips to help protect consumers from becoming victims of these schemes. These tips are located on our web-site, www.ca.gov.bm or you can contact our office for a copy,” Ms. Marshall said.
A BPS spokesman said: “The Bermuda Police Service continues to work with our community partners at the BMA and the Department of Consumer Affairs regarding these matters and where any offences are detected they will be fully investigated, with a view to prosecuting those responsible.”
Ms. Phillip-Bassett said, “So as you can see, we all see consumer education as a team effort and would like to reinforce that the community is part of the team, particularly in such a challenging economic environment. Generally, consumers can protect themselves and should be vigilant against suspicious behaviour; any promises of quick, or unrealistic financial returns; or any e-mails or phone calls asking for personal banking details. Remember: if it sounds too good to be true, it probably is.”
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