Scammers create fake Cayman Crypto Bank website

(CNS): Fraudsters have created a fake crypto bank that they claim is based in the Cayman Islands in another effort to separate people from their hard-earned cash. The Financial Reporting Authority (FRA) became aware of the “Cayman Crypto Bank” through the website www.caymancryptobank.com that fraudulently claims: “The Banking of the Future. Based in Cayman Islands. Cayman Crypto Bank is registered and licensed with the Financial Intelligence Unit (FIU) of Cayman Islands for financial regulation.”

However, the FRA is a financial intelligence unit and not the regulator. There is no entity by the name “Cayman Crypto Bank” registered with the Cayman Islands Companies Registry or with the Cayman Islands Monetary Authority (CIMA).

“Fraudsters create fake bank websites to mislead and entice people into transferring money or disclosing personal information,” the FRA said in a release via the RCIPS. “This scam is a form of ‘phishing’. Some of these fake bank websites use the name or logo of Government entities to instil a false sense of security. Before engaging with any website for an entity that claims to be regulated in the Cayman Islands, please check CIMA’s list of regulated entities to make sure it is authorised to provide the service(s) offered.”

Individuals are encouraged to remain vigilant and carefully verify the authenticity of entities or websites they engage with. Anyone who has engaged with the website identified in this alert should submit a Suspicious Activity Report to financialreporthingauthority@gov.ky.