The Caribbean has witnessed an alarming surge in digital fraud between 2020 and 2025, as criminals exploit the rapid shift to online services and weak cybersecurity measures. What began as simple scams, such as requests for mobile top-ups, has evolved into sophisticated multi-million-dollar operations involving cloned websites, deepfakes, and cryptocurrency. Financial institutions have struggled to keep pace, leaving individuals and businesses vulnerable to increasingly complex cybercrimes.
According to the Bank of Jamaica, internet banking fraud skyrocketed by 890% since 2020, with losses surpassing JMD$800 million (US$5 million) by the end of 2023. Similarly, the TT Police Service reported TT$3 million (US$440,000) in online fraud losses in the last fiscal year, while Guyana’s Financial Intelligence Unit identified G$100 billion (US$478 million) in suspected fraudulent proceeds. Experts caution that these figures likely underestimate the true scale of the problem, as only 15% of fraud victims globally report such incidents.
The Caribbean’s digital transformation has outpaced its cybersecurity infrastructure, creating a fertile ground for fraudsters. Criminals exploit weak cyber-defenses, slow investigations, and limited public awareness to execute their schemes. Below are the top five online scams currently plaguing the region, along with tips to identify and avoid them:
1. **Investment and Forex Scams**: Fraudsters lure victims with promises of guaranteed profits through forex trading, crypto arbitrage, or private investment clubs. They create fake dashboards and testimonials to appear legitimate, only to disappear once funds are deposited.
2. **Banking and Card Fraud**: With the rise of digital banking, card and account fraud have surged. Scammers send fake texts or emails impersonating banks to steal login credentials or redirect funds.
3. **Social Media Impersonation Scams**: Hackers take over social media accounts to impersonate friends or family, requesting urgent financial assistance for fabricated emergencies.
4. **Fake News and Media-Brand Scams**: Fraudsters create fake news articles featuring local journalists or businesspeople to promote bogus investment platforms, tricking victims into sharing personal and financial information.
5. **Business Email and Corporate Scams**: Small and medium-sized enterprises are targeted through Business Email Compromise (BEC) schemes, where criminals impersonate suppliers or executives to reroute payments.
The situation is exacerbated by massive data breaches across the region, with telecoms, retailers, and government portals hacked, exposing sensitive customer information. These breaches provide scammers with the tools to craft highly personalized and convincing attacks.
To combat this growing threat, experts urge individuals and businesses to remain vigilant, verify requests before sending money, and report suspicious activity promptly. Reporting fraud to local authorities, financial regulators, and online platforms can help prevent repeat scams and protect others from falling victim.
As the Caribbean’s digital economy continues to expand, so too do the risks. Staying informed and proactive is essential to safeguarding financial security in an increasingly digital world.