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Now, more than ever, many of our financial transactions have become digital. We can shop, pay bills, renew our driver’s license, and pay our taxes all without leaving home. And with the introduction of BiMPay, the Central Bank of Barbados’ new national instant payment system, the number of Barbadians who do that will only grow. So it’s critical that we know how to protect ourselves from falling victim to criminals.
Very often, when we think about online threats, we think about the Hollywood stereotype – hooded strangers hunched over a laptop in a dark room, tunnelling their way into our system to siphon off money from our bank account. Or maybe your company’s mandatory cybersecurity training has taught you to be on the lookout for phishing – emails designed to look legitimate to either trick you into divulging sensitive information or clicking an infected link – and its many variants (smishing, vishing).
In reality, however, the most common risks you’ll face online won’t come from hackers but from scammers, people whose skills are manipulation, not code. While BiMPay’s security features like encryption and fraud detection can protect you from the former, it’s important for you to be able to recognise and avoid the latter.
With that in mind, here are some of the common scams as well as tips for how to protect yourself from falling victim to them.
Investment scams promise high returns with little or no risk. You’re encouraged to invest quickly, often in foreign exchange or cryptocurrency. The scammer may even show fake profits initially to build trust before requesting larger sums. Eventually, the funds disappear.
Here’s how it might work. You see a post in a WhatsApp group or on Facebook promoting a forex trading opportunity. With the proliferation of cheap and easy to use AI tools, it might even appear to be a video of a public official promoting it. The person shares screenshots of profits and says several Barbadians are already earning income.
Tempted, but wary, you start with $200 and are shown a “profit” of $350 within days on a polished platform. You might even actually receive the money. Encouraged, you invest $1,000. When you try to withdraw, you are told to pay a “release fee” or “tax.” After paying, communication stops and the platform disappears.
A variation of this, the employment scam, promises you a high-paying job that doesn't require a lot of effort on your part, but you need to pay a processing fee or something similar upfront.
Purchase scams involve fake goods or services being advertised online. You see a phone or appliance on Facebook Marketplace at a very attractive price or hear about a “repossessed” car on sale for just a few thousand dollars. The seller claims there’s a lot of interest and encourages you to act fast. They ask you to send a deposit. You pay and the seller stops responding or repeatedly delays delivery.
Scammers pose as trusted entities such as banks, government agencies, or utility companies. They contact you claiming there is an urgent issue requiring immediate action. For example, you receive a call from someone claiming to be from your bank, saying there has been suspicious activity on your account. They ask you to provide sensitive information to “verify” your account. You share your login and account password. Shortly after that, you start to see unauthorised transactions appearing on your account.
Romance scams are among the most emotionally manipulative. The scammer, often claiming to be overseas, builds a “relationship” with you over time, often through social media or dating platforms, before telling convincing stories involving medical emergencies, travel costs, or visa issues and requesting your help to cover them.
Let’s say you connect with someone on Facebook who claims to live overseas. For several weeks or months, you communicate daily. They begin to talk about visiting Barbados to meet you but ask for money to pay for time off from work or to purchase the ticket. You send the money, but then there’s a medical emergency or some other sudden expense they need help covering. After that, they either continue asking for more money or disappear entirely.
Money mule scams work differently. In this case, the criminal gives you money and asks you to transfer it from your account to someone else, usually someone overseas. They might even give you a commission for helping them out.
Money Mule scams can also be an element of other scams. The fraudster in a purchase scam might ask you to help him “refund” someone who had made a deposit on the item you’re interested in but then changed their mind. Or a part of your job in an employment scam might be to send money to clients from your personal account.
While this might seem like an easy way to make a little money, you’ve just become an unwitting participant in a crime. Your financial institution could also freeze your account.
While we’ve identified some of the most common scams, criminals will continue to come up with new variations. But even as they continue to evolve, the underlying tactics remain consistent: urgency, emotional pressure, and deception. Protecting yourself requires a combination of awareness and caution.
First, pause before sending money. Scammers rely on urgency to prevent you from thinking critically. Any request that pressures you to act immediately should raise concern.
Second, verify independently. If someone claims to represent a bank, business, or even a family member, confirm their identity using official contact information rather than the details provided in the message.
Third, avoid sending money to people you do not know or have not met in person, particularly in response to online relationships. This is one of the most effective ways to avoid romance scams.
Be cautious with unfamiliar investment opportunities. If it sounds too good to be true, it usually is. Take time to research or consult a financial advisor and ask yourself why an entity would pay you so much money with so small an investment on your part when well-known and reputable institutions are offering less.
Finally, always protect your personal information. Do not share passwords, one-time codes, or sensitive banking details. Your financial institutions will never ask for this information via unsolicited messages.
BiMPay, like other digital payment systems, incorporates robust security features. Even so, when it comes to protecting yourself online, very often, the most important safeguard is awareness. Understanding that scams depend on manipulation, not just technology, puts you in a stronger position to recognise and avoid them.
And remember, in an environment where money can move in seconds, taking a moment to question a request can make all the difference.