The Cayman Islands Monetary Authority (CIMA), in partnership with the Royal Cayman Islands Police Service’s Financial Crimes Unit (FCU) and the Cayman Islands Chamber of Commerce, will host a high level fraud detection and prevention seminar from 3 – 4 November 2015.
The Authority’s Currency Division in collaboration with the RCIPS’s FCU and the Chamber of Commerce conduct these “Know Your Money” Seminars biennially, the last being held in November 2013. This year’s seminar will be held in Grand Cayman at the Chamber of Commerce training room in Governor’s Square.
“At CIMA, we are highly conscious of the need to continually stay abreast of counterfeiting technology, fraud tactics and other criminal activities that threaten this industry every day,” said CIMA’s Managing Director, Mrs. Cindy Scotland.
She added, “As fraudsters become emboldened by new technology, we must become equally empowered to find proactive and innovative strategies to counter their tactics. Fortunately, forums such as this allow us to continually enhance security measures and help to combat the threat of fraud as one unified force.”
Representatives from the United States Secret Service will be presenting on the topics of Identity Theft/Scams and Cyber-Crime, Credit & Debit Card Fraud, and US Counterfeit Notes.
Two representatives from De La Rue, the Cayman Islands Banknotes Printers, will be facilitating a session about the security features of genuine Cayman Islands currency. This will aim to assist participants in distinguishing genuine notes from counterfeit ones. The session will also cover the CI$100 banknote, which was the last denomination of the 2010 D series to enter circulation in October 2014.
Officials from the RCIPS will also be on-hand to discuss the role of its Financial Crime Unit. During this presentation, they will highlight the role of the police during the complaints and investigation process.
Directed primarily at business leaders and employees who are often the first line of defence, the seminar takes a proactive stance to minimize the impact of fraud by promoting anti-fraud awareness and education. According to the Association of Certified Fraud Examiners (ACFE), organizations worldwide lose an estimated 5% of annual revenues due to fraud.
Head of the CIMA Currency division, Miss Deborah Ebanks confirmed that that these dates were also chosen to heighten the public awareness of fraud prevention methods prior to the busy Christmas Season and the annual Pirates Week activities, which are periods when cash is used more frequently.
The Chamber has partnered with the RCIPS and CIMA on this initiative since 2004 to promote and support fraud prevention activities for employers and their employees. The seminar also marks International Fraud Awareness Week which is observed mid-November.
All businesses are strongly urged to register their staff to attend one of the free workshops, which are proudly sponsored by Fidelity Bank, and Cayman National Bank.