Fraud squad investigating Police Credit Union scams

Fraud Squad detectives are investigating reports of scamming activities involving people posing as representatives of the Police Service Credit Union.

A statement issued by the police warned the public to be vigilant, as scammers are engaging the public through fake Facebook accounts and e-mail addresses.

It stressed that any interactions via these fake accounts or e-mails should be thoroughly verified, as the credit union has a clearly outlined process. The statement urged anyone who believes they may have been targeted or scammed to contact the Fraud Squad immediately for assistance.

In a separate release, the credit union confirmed it only operates one official Facebook page and clarified that any other pages using names like "Police Credit Union" are fraudulent. The credit union said the e-mail address policecreditunion1@gmail.com is not affiliated with them.

The credit union urged the public to report any suspicious interactions or payments made to fake pages and advised them to visit the official website.

On November 26, the TT Securities and Exchange Commission issued a warning about a new investment scam targeting individuals through fake investment groups on Telegram.

Telegram, a messaging platform similar to WhatsApp, allows users to send messages, share files, and participate in group conversations.

It said fraudsters create fake profiles, websites, and online platforms to lure individuals. These profiles often advertise on social media, promising unrealistically high returns on investments within a very short period.

Scammers pose as representatives of a non-existent company and continue to promise quick, high returns. They then send a link to a Telegram investment group instructing victims to deposit money into a specified bank account.

The stock exchange advised people to exercise caution and due diligence before responding to unsolicited investment offers or communications, stressing the importance of verifying a company is registered with it.

It says legitimate investment firms must be registered under the Securities Act. If an entity is not registered, there is a significant risk that investors will lose their money without any recourse.

It also warned that with the rise of AI technology, scammers can easily impersonate legitimate businesses, creating convincing documents that appear to be from authorised financial institutions or government agencies, including the stock exchange.