The Tribune

By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

A Cabinet minister yesterday said he had asked the authorities to probe a "fake flyer" that was using his image without permission in a bid to entice Bahamians to seek loans.

Senator Michael Halkitis, minister of economic affairs, in a statement sought to warn the public not to be duped by this and added that he has asked the Financial Intelligence Unit (FIU) to investigate the matter.

He said: “It has come to my attention that a flyer with my image attached is circulating on social media purporting to show me thanking one Renay Sands of Loan Express for approving a loan to me.

“This flyer is being used to solicit individuals to apply for loans. This flyer is fake. The public is warned to avoid this fraud. This matter has been referred to the Financial Intelligence Unit for investigation with a view to prosecution of the perpetrators.” Efforts to track down the person and entity named, Renay Sands and Loan Express, proved unsuccessful prior to press time. Efforts to reach Mr Halkitis also proved fruitless.

Last month, the Financial Intelligence Unit (FIU) warned financial institutions and the general public to be on alert for an increasing number of fraudulent activities. The FIU said that it has seen an increase in suspicious transaction reports (STRs) filed by financial institutions, with victims being contacted by fraudsters impersonating representatives of reputable financial institutions.

The FIU explained that customers of commercial banks were receiving calls or e-mails from individuals posing as bank representatives requesting account and personal information for "verification purposes".

It said: "The Financial Intelligence Unit (FIU) of The Bahamas hereby advises financial institutions and the public at large of incidences of fraudulent activities that are adversely affecting account holders of various commercial banks in the jurisdiction. The FIU has noticed an increase in suspicious transaction reports (STRs) where commercial banks have reported instances of account holders reporting unauthorised online transfers to persons unrelated or unknown to them.”

The advisory also warned that persons may become involved in receiving fraudulent funds through bogus online employment recruiters that convince them the funds have been transferred for legitimate purposes. These individuals then send a portion of the sum received to the fraudsters and unknowingly participate in the schemes. Others catch on to the illicit schemes and willingly participate.

Wayne Munroe, minister of national security, acknowledged the rise in fraudulent transactions as The Bahamas makes a push to become digitised while speaking at the Computer Incident Response Team stakeholder conference. He noted that as technology becomes more accessible participants are more vulnerable to persons with malicious intentions. This threat extends to financial institutions, the general public and government agencies.

He said: “The Davis administration's blueprint for change noted that we're committed to advancing The Bahamas as a digital society. We fully understand that we are in an era of technology, regardless of some of us still relying on paper. Our citizens, civil agencies, private sector, government agency and safety and security defences are all utilising more and more digital platforms.

“The ultimate goal is to accelerate digitisation, thereby increasing productivity. Simultaneously, as the cyber landscape becomes more accessible it is also becoming increasingly connected and increasingly more complex. Hence the number of cyber threats, and attacks on both personal and commercial levels, are on the increase. With the continuous advancement and evolution of technologies, vulnerabilities also are on the rise both for individuals and state actors.”