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Port of Spain, Trinidad & Tobago – Authorities in Trinidad & Tobago are investigating a surge in sophisticated online scams impersonating Finance Minister Davendranath Tancoo. The Ministry of Finance and the Ministry of Public Administration and Artificial Intelligence (AI) have issued a stark warning to the public, urging vigilance against fraudulent social media posts promoting false investment opportunities.

These scams, which have been circulating widely on platforms like Facebook, Instagram, and WhatsApp, falsely depict Minister Tancoo endorsing or participating in dubious investment schemes. The posts often promise unusually high returns with minimal risk, a classic red flag for fraudulent activity. Victims are typically encouraged to click on links, provide personal information, or transfer funds to seemingly legitimate accounts.

“The Ministry of Finance wishes to unequivocally state that Minister Tancoo has no involvement whatsoever in any investment schemes being promoted online,” a statement released by the Ministry reads. “These are malicious attempts to deceive and defraud unsuspecting citizens. We urge the public to exercise extreme caution and to verify the authenticity of any investment offers before taking any action.”

How the Scams Operate:

• Fake Social Media Profiles: Scammers create convincing fake profiles using Minister Tancoo’s image and name.
• Enticing Offers: Posts promote investment opportunities with promises of high returns and low risk.
• Links and Requests for Information: Victims are directed to click on links that lead to phishing websites or are asked to provide personal details and financial information.
• Urgency and Pressure: Scammers often create a sense of urgency, pressuring potential victims to act quickly before the “opportunity” disappears.

Protecting Yourself from Online Investment Scams:

• Verify the Source: Always verify the authenticity of any investment offer, especially those promoted on social media. Contact the official sources (e.g., the Ministry of Finance) to confirm the information.
• Be Wary of High Returns: If an investment opportunity sounds too good to be true, it probably is. Legitimate investments rarely promise guaranteed high returns with little to no risk.
• Never Share Personal Information: Be cautious about sharing personal or financial information online. Legitimate investment companies will not ask for sensitive information through social media.
• Report Suspicious Activity: Report any suspicious social media posts or websites to the relevant authorities and platform providers.
• Educate Others: Share this information with your friends and family to help them avoid becoming victims of these scams.

The Ministries are working closely with law enforcement agencies to track down the perpetrators behind these scams and to prevent further losses. The rise of Artificial Intelligence has unfortunately provided scammers with more sophisticated tools to create realistic impersonations, making it even more crucial for the public to be vigilant. The government is committed to protecting citizens from financial fraud and will continue to provide updates and guidance on how to stay safe online.

For more information and resources, please visit the Ministry of Finance website: [Insert Official Ministry of Finance Website Here].