A Cuban citizen has reported a new scam involving 500 Cuban peso (CUP) bills on social media, allegedly used by criminals to deceive individuals handling large sums of cash.
In a TikTok video, the individual demonstrated the step-by-step mechanics of the fraud using several banknotes as examples.
"Folks, this is how the scammers are operating now, so don't let them take your money," he warned at the beginning of the video.
The scam, as he explained, involves folding a 500-peso bill in half and strategically placing it next to another bill of the same denomination within a bundle. They arrange it so that when counted quickly, it appears there is more money than there actually is.
"Just one 500 bill and another here become 1,500, and they slip it in for 2,000 in the middle of the stacks," he described, demonstrating how the cash is manipulated to make the victim believe a higher amount is present when counted aloud—"1, 2..."—thus accepting an inflated total.
He warned that with this method, for every 2,000 pesos counted, a person might unknowingly lose 500 pesos.
The individual emphasized that this practice seems to be exclusively conducted with 500-peso notes due to their value and common use in daily transactions.
He advised carefully inspecting each bill, refraining from counting bundles organized by others, and being wary of stacks that have been previously folded or handled.
In Cuba's cash-heavy economy, compounded by ongoing issues with electronic payments, such warnings have become common on social networks, where citizens exchange tips to prevent scams and safeguard their money.
Preventing Cash Scams in Cuba
What is the new scam involving 500-peso bills in Cuba?
The scam involves folding a 500-peso bill and placing it strategically within a stack of similar bills, making it appear as if there is more money than there actually is, thus deceiving the person counting the cash.
How can I protect myself from this type of fraud?
To protect yourself, closely inspect each bill, avoid counting bundles organized by others, and be cautious of stacks that have been folded or manipulated.
Why are 500-peso bills targeted for this scam?
500-peso bills are targeted due to their high value and frequent use in everyday transactions, making them a convenient tool for scammers.