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CIMA battles forgers with seminar on fake cash

| 29/10/2015 | 0 Comments

Cayman News Service(CNS Business): The US Secret Service and representatives from money printers, De La Rue, will be partnering with CIMA and the RCIPS Financial Crimes Unit (FCU) next week at a fraud detection and prevention seminar to help businesses in the fight against forged currency. “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, Cindy Scotland.

“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,” she added.

The “Know Your Money” seminars are held biennially, and this year’s seminar will be held in Grand Cayman at the Chamber of Commerce training room in Governor’s Square. 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.

De La Rue, the Cayman Islands Banknotes printers, will be facilitating a session about the security features of genuine Cayman Islands currency. The session will also cover the CI$100 banknote, which was the last denomination of the 2010 D series to enter circulation in October last year. 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.

Aimed at business leaders and employees who are the first line of defence, the seminar is designed to reduce fraud by promoting anti-fraud awareness and education. Head of the CIMA Currency division, Deborah Ebanks, said the seminar comes ahead of the busy Christmas Season and the annual Pirates Week activities, when cash is used more frequently.

According to the Association of Certified Fraud Examiners (ACFE), organizations worldwide lose an estimated 5% of annual revenues due to fraud.

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Category: Finance, Financial Crime

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