More than CI$30,000 has been reported stolen during a recent increase in financial scams targeting Cayman Islands residents, according to the Royal Cayman Islands Police Service.
The losses come as the Financial Crimes Investigation Unit (FCIU) looks into a growing number of reports involving fraudsters posing as representatives of financial institutions and attempting to gain access to customers’ accounts.
Responding to queries from Cayman Independent, Detective Sergeant Nevron Bradshaw said the unit had seen a rise in complaints over the past few weeks.
“The FCIU has noted an increase in the number of reports, particularly over the past few weeks and has begun investigations into each report,” Bradshaw said.
“Since then, more than CI$30,000 has been reported stolen as a result of these financial scams and have been transferred out of the jurisdiction.”
The RCIPS issued a public warning earlier this week about scammers contacting residents while claiming to represent banks or other financial institutions.
Bradshaw said investigators are also seeing criminals make greater use of technology to carry out fraud.
“These schemes are becoming increasingly sophisticated through the use of cyber-enabled techniques and AI,” he said.
The warning reflects concerns being raised by law enforcement agencies and cybersecurity specialists internationally about the growing use of artificial intelligence in scams.
These methods can include AI-generated messages, voice cloning and other tools designed to make fraudulent communications appear legitimate.
According to the FBI, AI-related fraud was linked to nearly US$900 million in reported losses during 2025.
Bradshaw said investigators have identified several common warning signs across the cases reported to the unit.
“The FCIU has identified several recurring activities that could be considered warning signs across the reports received,” he said.
Among them are unexplained reductions in bank account balances, unsolicited calls, text messages or emails claiming to come from financial institutions, and requests to transfer money to overseas accounts.
Changes to existing payment arrangements, unexpected requests for charitable donations, and requests for identification documents or personal information during the early stages of an online business arrangement were also listed as signs to watch out for.
“The FCIU is therefore urging all members of the public to remain vigilant when receiving any communications requesting personal financial details or access to financial assets,” Bradshaw said.
“Please verify the legitimacy of any such requests before responding or taking any action.”
He also urged residents to pay attention to scam warnings issued by their banks.
“Due to the nature of these scams, the public is being discouraged from clicking any links that appear to be sent from banking institutions,” Bradshaw said.
