Caribbean payment fraud is getting bigger
Fraud reports fell in Trinidad and Jamaica, but losses per case rose. The scams hitting Caribbean businesses now, and simple checks that stop most of them.
Trinidad and Tobago's police received a third fewer fraud reports in the first seven months of 2026, yet losses tripled to more than TT$167 million. Jamaica shows the same pattern: fewer cases, but bigger and better-organised attacks.
As more Caribbean payments go digital, money moves faster, for customers and for criminals. For a small business, the risk now is less about stolen card machines and more about one convincing message.
What the numbers show
Trinidad and Tobago
Between January and July 2026, the police Fraud Squad recorded a 32.7 percent drop in reports compared with the same period of 2025. But the value of fraud rose to more than TT$167 million, according to TTT News, driven largely by forged and stolen cheques. The Trinidad Express put the rise at 227 percent.
Police also flagged five cases where victims paid TT dollars for US cash that never arrived, losing TT$1.45 million. Charges laid against fraudsters rose from 125 to 141.
Jamaica
The Bank of Jamaica's 2025 Financial Stability Report, reported by the Jamaica Observer, found bank fraud losses fell 18 percent to J$2.4 billion in 2025. Reported incidents dropped by more than half, to 44,316.
The mix is shifting, though:
| Type of fraud in Jamaica, 2025 | Change |
|---|---|
| Credit card fraud | up 29.4% |
| Debit card fraud | up 16.8% |
| Cheque fraud | down 23.4% |
| Internet banking fraud | down 78.4% |
| Loan fraud | down 87% |
Card fraud rose mainly through "card-not-present" payments, made online or by phone without the physical card. Horace Forbes, head of Jamaica's police Fraud Squad, said syndicates now split the work, with some people breaking into accounts and others moving and withdrawing the money.
How fraud reaches a small business
Most losses do not need clever hacking. They rely on speed and trust. Common scripts include:
- A voice note or email from a "supplier" with new bank details.
- A payment link that looks like a real wallet or bank page but isn't.
- A screenshot of a transfer that was edited and never happened.
- A forged cheque handed over for goods, with ID sent only by WhatsApp.
- A text message pretending to be your bank, asking you to log in.
Jamaican police said hacked email accounts linked to property deals and overseas supplier payments are being used to redirect large transfers.
Why faster payments raise the stakes
Instant transfers are good for business, but they leave less time to catch a mistake. Forbes said money can be traced while it stays in the banking system. Once it is withdrawn as cash or moved into crypto, recovery often needs cooperation with other countries and takes much longer.
Guyana announced its Fast Pay instant transfer system for June 2026, as covered in our Fast Pay post. Wallets with payment links and hosted checkout, like Wam in Trinidad, are also growing. Each new option brings a new way for scammers to dress up a fake.
Simple checks that stop most fraud
None of these cost much, and together they block the most common scams:
- Confirm any change of bank details by phoning a number you already have, not one in the message.
- Release goods only after the money shows in your own account or payment dashboard, never on a screenshot.
- If you sell online, have your website confirm payment from the payment provider's system, not from the customer's return to your site.
- Give each staff member their own login for business banking and payment tools. Don't share one password across phones.
- Check that anyone offering an investment is registered with the Securities and Exchange Commission or the Central Bank.
- Keep your bank's fraud line in your phone, and know how to freeze an account at the weekend.
The Central Bank of Trinidad and Tobago runs a public Stop the Scammers campaign with more examples. The Securities and Exchange Commission has also warned about scams using AI-generated videos of well-known people.
What to watch
Watch whether banks and wallet providers publish clear steps for victims, such as how fast they can freeze a payment and who to call. Watch for the new cybercrime law Jamaica's government is pushing for and any regular fraud figures from Trinidad's Central Bank. If you take payments by link or transfer, review your own checks against the list above this month.