Public Warned Against Online Trading Scams (2022-05-12)

Summary

This is a public notice issued by the Cayman Islands Monetary Authority (CIMA) warning members of the public about online trading scams involving fraudulent documents that falsely claim to be from CIMA. Scammers use these fake documents to convince victims that CIMA is helping recover funds held in an alleged Cayman Islands account, in order to trick them into transferring additional money to fraudulent entities.

The notice clarifies that CIMA does not issue such communications and does not request personal data or financial transfers through online forums. It reminds the public that CIMA maintains a list of fraudulent websites, including entities falsely claiming a Cayman Islands presence, none of which are licensed or regulated by CIMA.

This is an informational/awareness notice rather than a regulatory requirement imposed on licensees or regulated entities.

• Be vigilant.
• Conduct research before entering financial exchanges.
• Avoid engaging with suspicious parties.
• Report suspected scams to CIMA's compliance email address.