Caution: Online Scam Awareness – “Advanced Fee Fraud”

Along with Cook Islands Financial Intelligence Unit (FIU), BSP Cook Islands is raising public awareness regarding the prevalence of Advanced Fee Fraud and online scams targeting our community.

What is Advanced Fee Fraud?

Advanced Fee Fraud involves a victim paying money upfront in anticipation of receiving something of significantly greater value, such as a loan, investment, gift, or community funding. In these schemes, the victim ultimately receives nothing in return.

Example: Facebook advertisements offering high returns (e.g., paying $100 Cook Islands dollars for $4,000 Cook Islands dollars return within 24 hours) and requiring deposits into a local “agent’s” account.

 Key Warning Signs

The public is urged to look for these indicators of a potential scam: STOP. CHECK. REPORT.

• Too Good to Be True: Promises of fast, guaranteed profits within 24 hours.
• Upfront Demands: Requests for “fees” before you can receive loans, investments, or prizes.
• High-Pressure Tactics: Creating a false sense of urgency to prevent you from verifying the offer.
• Fake Legitimacy: Use of scripted video testimonials from “locals,” AI-altered bank balances, or the impersonation of well-known individuals and/or legitimate organisations.
• Untraceable Payments: Instructions to send money to personal accounts or via unverified methods like cryptocurrency and gift cards.
• Poor Digital Clues: Typos, generic email addresses, or links to suspicious websites mimicking real ones.

How to Protect Yourself

Follow the protective measures to stay safe online: STOP. CHECK. REPORT.

• Verify Identity: If you receive a message from a friend or trusted individual about an investment, call them directly to confirm it was them.
• Exercise Caution: Never send money to an individual you do not know personally.
• Consult Experts: Talk to your bank / FIU or seek independent financial advice before making any investment decisions.

 What to do if you have already invested

If you believe you have fallen victim to a scam: STOP. CHECK. REPORT.

1. Cease all further payments immediately.
2. Contact BSP without delay.

Reporting

Members of the public can report Advance Fee Fraud, or online scams to BSP or FIU.