International cyber thieves are targeting Bermuda’s old and unemployed with online ‘get-rich-quick’ scams, pocketing people’s hard-earned cash at a time when they need it the most.That was the message from the Bermuda Monetary Authority, Department of Consumer Affairs and Bermuda Police Service in a joint press conference yesterday.The three agencies said that cyber scams are a growing problem that they are closely monitoring and are asking people to be vigilant in order to protect themselves.Since Bermuda’s economy began feeling the affects of the global recession, the Department of Consumer Affairs has seen an increase of people who fallen victim to ‘phishing’ e-mails and fraudulent multi-level pyramid schemes where participants only make money by recruiting more members.The authorities say that both scams are originating outside of Bermuda and while there is no hard data on how many victims are out there and how much they’ve been taken for, they know the type of victim they are after: the old and the unemployed.Those that are less computer savvy or are hard up for quick cash are the most vulnerable, say the groups.The phishing scams that have been making rounds, most recently with scammers posing as Butterfield Bank, can look genuine, using the company’s logo and format, featuring a link which leads to a website that seems genuine, but isn’t. It’s a set up to steal personal and financial information such as credit card numbers, bank account information and passwords.“The sole purpose of this scam is to conduct illegal transactions on your account and steal your money,” said Honey Adams, education officer with the Department of Consumer Affairs.Ms Adams said that while some multi-level marketing schemes are legitimate, Bermuda has been targeted by an influx of fraudulent pyramid schemes with local residents, in hopes of making some extra cash during hard times, pouring money into the scam.“The only way for a pyramid scheme to work for everyone is if there is an endless supply of new members and in reality there isn’t,” said Ms Adams. “It is mathematically impossible and when the business is unable to recruit new investors the money stops coming in and the business collapses.”She added that it is illegal for residents to operate a pyramid scheme under the Consumer Protection Act 1999 and carries a $15,000 fine and/or imprisonment for up to 12 months, if found guilty.Bermuda’s home-grown thieves are using computers in a different way, making fake currency with a colour printer and passing it onto unsuspecting local stores. According to the three organisations, this past month has seen a new wave of fraudulent $50 bills in circulation, particularly older notes that were printed between 1994 and 2000.While the BMA has held informational sessions with local retailers about the new fake cash, the organisation said Bermuda is fortunate in that the local economy is not inundated with bogus bills.“It’s important to note that issues with counterfeit currency in Bermuda are fortunately still not as prevalent relative to other jurisdictions,” said Pat Phillip-Bassett, deputy director of Corporate Governance and Communications with BMA.