Bahamians urged not to fall prey to scams during pandemic

The COVID-19 pandemic has created an environment in which increased fraud could occur and for that reason, Executive Director of the Securities Commission of The Bahamas (SCB) Christina Rolle said heightened investor awareness and regulatory protection is needed.

It was the focus of the SCB’s recent webinar entitled “Be a Smart Investor”, during which Bahamians were warned of the ‘Big Four’ types of investor scams that have made their way to Bahamian shores including pyramid, Ponzi, pump and dump and advance fee schemes.

“The Bahamas is by no means unique in the world when it comes to people who are willing to perpetrate these schemes to take advantage of others,” Rolle said.

“Unfortunately the economic hardship that so many people are suffering as a result of the coronavirus pandemic has spurred many fraudsters and scammers to take advantage of people… Scammers watch and wait for crises such as the one we are living through.”

Last week, Commissioner of Police Paul Rolle confirmed that there had been 118 fraud-related cyber crimes reported to police during the first six months of the year, an increase over previous years that he attributed to the COVID-19 pandemic.

The SCB noted that schemes going by names like The Mandela Game, Blessing Circle, Infinity Loom and Giving Circle made a resurgence this year, forcing the United States’ Federal Trade Commission to issue warnings that were eventually issued in The Bahamas.

Bahamians and residents are being warned to keep their guard up particularly during the COVID-19 pandemic, with Rolle adding that if it sounds too good to be true, it probably is.

“Be skeptical, apply common sense, ask questions, ask more questions. Stay away from schemes where you have to recruit people in order to make more money. Beware of pushy sales people, tactics and pressure to invest now,” she said.

“Get promises in writing and do your research. Is the seller registered? Are phone numbers real? Is there a physical place of business? Are there bad reports about the company? Be sure you get and check account statements for investment accounts.”

The SCB added that it’s important to report suspect schemes to the commission or the police.

The post Bahamians urged not to fall prey to scams during pandemic appeared first on The Nassau Guardian.

source https://thenassauguardian.com/bahamians-urged-not-to-fall-prey-to-scams-during-pandemic/