The Bermudian public have lost more than $10 million to online scams, police have confirmed.

Acting Detective Superintendent Jason Smith further warned that, in the past two weeks alone, seven local businesses were fleeced out of more than $1.8 million by fraudsters.

He said that while about 45 people this year reported being targeted, the number of victims was likely higher but unreported, possibly over a sense of shame.

Mr Smith said: “One can imagine that, in some instances, the monies that have been lost were pensions and monies that are needed to support their families.”

The remarks came during the announcement of a partnership between police and the Bermuda Bankers Association to warn the public against scams and how to be protected against them.

Neville Grant, the president of the BBA, warned that fraud did not just impact the victim, but could make their loved ones and workplaces vulnerable to targeting.

He told the public to be highly vigilant of incoming calls and messages, saying “the first stop is you”.

Mr Grant explained: “Whilst there may be technology and other sophisticated means to conduct fraud, you are the best person to prevent fraud and that’s the first stop.”

This is a developing story and will be updated.