Time and again, we hear about new victims who fall into the hand of fraudsters in different locations across the globe. These cases are especially rampant in Trinidad and Tobago. The number of cases in fact has increased since the onset of the pandemic.
It is therefore important that you arm yourself with all you can know about the subject of fraud and its working- not just for understanding’s sake but to help you remain protected in the online space.
From the basic appearances of fraud to how perpetrators perform the act, we present to you the top five things you need to know about fraud in Trinidad and Tobago.
- The Nature of Fraud in Trinidad and Tobago
All forms of fraud thrive on deception and fraudulent practices and Trinidad and Tobago is no exception to this fact.
We see fraudsters on all fronts posing on social media and trying their best to deceive their next victims.
The most targeted areas in the online space in Trinidad and Tobago include:
- Dating Sites
- Small and Medium-Scale Businesses
- The Banking Sector
- How fraudsters perpetrate their acts
Social Engineering: This is most common on dating sites. Here, we see fraudsters position themselves in your space and present themselves in such a way that you get perfectly comfortable with them. They work to stir your emotion with one clear goal in mind: to have you let your guard down and use you to either rob you of your funds or to help them move their money.
Business Email Compromise: Fraud sometimes involve the compromise of business emails. Fraudsters often strike by intervening and/or interfering in payment activities. In some cases, some of the payments are rerouted into a separate account.
- Just About Anyone Can Be A Victim of Fraud
Whether you’re a business owner or trying to facilitate payment, you can fall victim to fraud. It is therefore important that you be at alert- especially if you’re on a dating site or you’re a business owner. You should be especially careful in your dealings as fraudsters specifically target people just like you in their dealings.
- You Can Protect Yourself From Fraud
If you are on a dating site, when financial elements like sending money or helping someone send money crop into the conversation, be on guard. It is one of the many red flags that the person you’re dealing with might be a fraudster in hiding.
Also, to protect yourself as a small business owner, make sure you verify your cheques before you send your goods out. Reach out to your bank if you have to.
It is better to put a call through to your merchant and/or suppliers even if it means putting them at some slight inconvenience.
If there is a change in beneficiary account number, bank, or jurisdiction of your funds, reach out to your merchant before making any payments.
- The Financial Sector is working to protect you from fraud
The Banker’s Association of Trinidad and Tobago has an Anti-Fraud and Security Committee that sits monthly to address fraud-related incidents and work to put things in place to protect internet users and the bank’s customers from fraud.
This goes a long way to reveal that the Banking and Financial Sector is doing everything in their power to curb fraud and protect the citizens of Trinidad and Tobago from the persisting cases of fraud within the borders of the country.
In all, if you have once been affected, it will do a lot of good to speak up. Not only will you assist the Police to do their investigative duties and bring the perpetrators to book. You will also be helping another person by making sure that the particular perpetrator is brought to book.
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