Online scammers steal millions from CIBC T&T
Crime
Finance
July 2, 2025
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Scammers have conned the Canadian Imperial Bank of Commerce (CIBC) Caribbean’s T&T operations of millions of dollars, police confirmed yesterday.
Police revealed that in June, the managing director of CIBC Caribbean reported that he was authorised to transfer $14,811,094.06 from the bank’s suspense processing account to other external accounts.
A suspense processing account is described as a temporary holding area for cash that cannot be classified or properly understood by a bank’s accounting system.
Crime
Finance
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