Caution against money schemes

The COVID-19 pandemic brought with it a flood of financial schemes in which Barbadians were duped.

As a result, Minister in the Ministry of Finance and Economic Affairs Ryan Straughn is challenging financial agencies to do more than sell insurance products.

Speaking during the Barbados Association of Insurance and Financial Advisors (BARAIFA) annual Blast Off seminar entitled The Awesome Benefits of Financial Literacy yesterday via Zoom, Straughn said financial agencies had to act as systems of defence against fraudulent money schemes that have become increasingly popular in Barbados.

Describing the past two years as being economically “brutal”, Straughn said many Barbadians were being duped into joining get rich quick schemes because of unemployment and other factors.

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