Detectives in Bermuda last year dealt with more than $1 billion worth of suspected fraud and financial crimes - and 436 incidents of Nigerian money scams against residents.

Crime Manager for the force, Detective Chief Inspector Andrew Boyce released the shocking figures to The Royal Gazette yesterday and urged people to be on their guard against cunning fraudsters who promise them cash.

He said, fortunately, the majority of financial criminal activity in Bermuda last year was categorised as only "suspicious" because either the Police or the victims themselves were able to spot the scam and prevent it before it happened.

However, there was also a significant number of incidents, including money laundering, counterfeit currency and stealing, amounting to $34 million, where cash was lost or exchanged by criminal means in the ever-growing world of commercial crime.

Det. Chief Insp. Boyce said Bermuda's anti-money laundering laws, involving a number of financial agencies, were resulting in arrests and bringing dividends.

But he said he wanted to educate the ordinary people of Bermuda about various money scams which were a threat to them, and which were arriving on the Island via letter or e-mail every day from all over the world, particularly Nigeria.

Last year, more than $160,000 was naively handed over to conmen by residents in these scams, known as Advanced Fee Fraud. People were led to believe they would receive millions of dollars totally free of charge, but were asked to pay cash up front first using various tricks.

Needless to say, the millions of dollars that was promised never materialised.

Already, in the first two weeks of this year, detectives in the Financial Investigations Unit have received 21 different reports of Nigerian scams, with $16,500 handed over by innocent victims.

Now, Det. Chief Insp. Boyce wants to flush the scams out of Bermuda once and for all, but said the only way to do it was by educating people against them.

He said: "Last year, we had 436 counts of advanced fee fraud from Nigeria reported to us - that is where people had received letters or e-mails. In 2000 we had 280 incidents, and in 1999, it was 297.

"But I would say there were many more incidents than that. We are probably only aware of about ten percent of the e-mails and letters that are being received in Bermuda in any year.

"I believe that this type of scam is on the rise. The majority of people who receive them will simply just delete them or put them in the bin, but we know there are cases where people have been sucked in.

"There is no reason for fraudsters to slow down, so why would they? A lot of them have been getting a lot of money using different techniques for years.

The more techniques they develop, the more successful they will be. If only one percent of people respond, these fraudsters could receive millions of dollars. That is why we need to educate people. We don't want them to throw their money away."

Last Friday, The Royal Gazette revealed how a Reverend on the Island had almost fallen victim to such a conwoman in Nigeria, who claimed she wanted to leave her $10 million fortune to his church and the needy of Bermuda before dying of cancer.

She asked him to collect the money in Amsterdam, where he had to pay a $16,000 fee to a security company taking care of the cash, before he would receive his fortune.

Det. Chief Insp. Boyce said: "In 1997, we had an individual who handed over $400,000 to these people.

"They don't just ask for one payment, these people will keep tricking you over a period of time, trying to get as much money as possible. If they think they are losing you, they will come up with another scam to entice you back in - even giving you some cash, just to keep you hooked.

"I believe in Bermuda there are some people that were kept going by the fraudsters for three years.

"I'm really hoping that by publicising what is happening through the media will mean that those people in Bermuda who are enmeshed in it will recognise themselves and will get out of it. They must contact us.

"The harsh reality is that there is very little we (Police) can do, but this is one of the easiest frauds for victims to avoid.

"Don't expect money from these people because there is no money. The only money changing hands will be yours."

For advice or to report a financial crime, call Police on 295-0011.