Vulnerable islanders targets of crooks

FRIDAY, MAR. 23: Consumer watchdogs have urged the public to be on their guard against bogus marketing scams and counterfeit currency.

The call comes as it emerged more vulnerable islanders were being targeted by the crooks behind the scams.

Pat Phillip-Bassett, Deputy Director of the Bermuda Monetary Authority’s Corporate Governance and Communications Department, told a press conference yesterday ‘if something sounds too good to be true it probably is’.

She added:  “We are taking a proactive stance to advise the public that they should  also be proactive in protecting  themselves.

“This is particularly important in the current economic climate when persons may be  tempted to participate in what appear to be financial opportunities offering quick or significant returns.

“It’s important to note that issues with counterfeit currency in Bermuda  are  fortunately still  not  as  prevalent  relative  to  other  jurisdictions. 

“However, if we are all proactive, we can prevent further instances significantly.

Victim

Honey Adams from the department of Consumer Affairs said: “We strongly suggest that all residents take steps to avoid being a victim of a scam.

“Knowledge is a strong tool here.

“Take the time to find out all you can about the various scams and how they work. “Be prepared to be targeted by scammers and have a plan to protect yourself — a savvy consumer is our best protection against scams.

“I would also like to remind local residents that under the Consumer Protection Act 1999, it is illegal to operate a pyramid scheme in Bermuda, as it is an unconscionable act and a violation of this Act carries a $15,000 fine and/or imprisonment for up to 12 months.”

For more information visit www.bma.bm/consumers or www.ca.gov.bm.