Avoiding Financial Scams Was Topic Of Discussion On Recent Episode Of ECCB Connects

Basseterre, St. Kitts, July 21.  2020 (ZIZ News):

By: Chaïra Flanders

In a recent episode on the Eastern Caribbean Central Bank’s “ECCB Connects” YouTube page, Secretary of the Eastern Caribbean Securities Regulatory Commission (ECSRC), Alousia Faisal, shared tips on how persons can avoid becoming victims of pyramid schemes and other fraudulent offerings.

While appearing on the program via video conference, Faisal said the public needs to be aware of fraudulent investment offerings that are being circulated on the internet and other channels

She said scams are increasingly being promoted using the COVID-19 pandemic as a cover to target unsuspecting or vulnerable individuals.

“As a result of the COVID-10 crisis and indeed what we’ve seen in previous financial crises example like the 2009 financial crisis, persons tend to use these situations to try to get persons who are new to investing or have no knowledge of investing to try to scheme those persons out of their monies all in an effort to try to make a quick buck”, she explained.

She noted the role of ECSRC, which is a corporate body responsible for the regulation of the securities market, exchanges, persons engaged in securities business and the public issue of securities in the Eastern Caribbean Currency Union (ECCU).

Miss Faisal then shared a few of the scams that are currently being promoted.

“The schemes that are used are (Forex) Trading, that is Foreign Currency Exchange Trading, persons may use Pyramid Schemes and also more specific to the COVID-19 situation we may have situations where persons use work from home scams to try to entice persons to give them money”, she explained.

She warned that another scheme can come in the form of a personal finance scam where scammers use the fear of current economic conditions to target individuals by posing as a financial institution requesting sensitive personal or financial information.

She then used the opportunity to advise persons of what they can do if they have fallen victim to financial scams.

The “ECCB Connects” online program is hosted weekly at the Eastern Caribbean Central Bank and can also be seen on ZIZ TV, Wednesdays at 12:45 pm and on Saturdays at 8:15 pm.

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