Financial Crime Unit investigates card cloning

(CNS): Police are warning residents in the Cayman Islands to be on the lookout for fraudulent transactions on their bank account statements as a result of a number of reports regarding compromised cards even though the cards have not been stolen. The Financial Crime Unit (FCU) is currently investigation instances of possible card cloning where, the FCU said, the fraudsters obtain legitimate card information when holders use them and then take that information to make dummy cards.

 “We have a number of fraudulent transactions which have taken place on various accounts,” said Detective Constable Richard Clarke. “We have so far identified a number of instances where cards have been compromised both here in the Cayman Islands and abroad.”

He explained that the investigation has revealed that account holders are still in possession of their actual bank card when the various transactions take place. The card details have then been obtained previously by way of a legitimate transaction made by the card holder. The information taken by the criminals is used to make a dummy or “cloned” cards which are then used weeks after.

The FCU explained there are various methods used by criminals to obtain this information, one of which is known as ‘skimming’. This method is used to read and copy the information on the magnetic strip of a credit card with a small handheld machine.

Police advised card holders to keep watch on their cards during transactions and get them back as quickly as possible; to void incorrect receipts; open bills promptly and reconcile accounts monthly; observe staff who are handling cards; after the purchase, check to make sure you were handed back the correct card and if you are leaving the Island, inform your bank of your travel plans

Anyone who thinks their cards may have been compromised should contact Detective Constable Richard Clarke at Financial Crime Unit on 949-8797.

Anyone with information about crime taking place in the Cayman Islands should contact their local police station or Crime Stoppers on 800-8477 (TIPS). All persons calling Crime Stoppers remain anonymous, and are eligible for a reward of up to $1000, should their information lead to an arrest or recovery of property/drugs.