The Cayman Islands Monetary Authority (CIMA), in conjunction with the Royal Cayman Islands Police Service’s Financial Crimes Unit (FCU) and the Cayman Islands Chamber of Commerce, hosted a seminar to mark International Fraud Awareness Week in November.
International Fraud Awareness Week involves entities taking a global stand to promote awareness, detection and prevention of fraudulent practices. Directed primarily at business leaders and employees, the seminar took a proactive stance to minimise the impact of fraud by promoting anti-fraud awareness and education.
According to the Association of Certified Fraud Examiners (ACFE), organisations worldwide lose an estimated 5 percent of annual revenues due to fraud.
“Fraud is a real and constant threat to our economy and this seminar is our attempt to educate all our stakeholders in alleviating this continual threat,” said CIMA’s deputy managing director, Patrick Bodden. “We cannot allow fraudsters to have any measure of success.Fraudulent practices affect us all, causing grave monetary loss and reputational damage to our financial services industry.”