The government agency that insures US banks has warned its members to be on the lookout for an increase in money mules used to launder money that's been electronically stolen from deposit accounts. In a memo issued last week, the federal deposit insurance corporation told member banks the mules can often be spotted by common …
And its a good job too
what they are forgetting is that these types of jobs pay pretty well, often enough to tempt even the most honest of us. I recently received one of those employment offers. It was tempting, but I wont risk jail for a few thousand dollars.
Only in America...
Would the bank be asked to report someone with a fraudulent passport...only if they're doing a lot of suspicious transactions.
"Such scams have plundered at least $40m from small- to mid-sized businesses."
And this is a problem how? The last time I checked, government in collusion with banks are in the process of stealing billions of dollars from small- to mid-sized businesses through inflationary pressure.
"In some cases, the mules have no idea that they're engaging in illegal activities."
I guess the yoof of today could be confused by the new internet economy where everything is free etc,, but severe mental handicaps aside, how could anyone think that everything is kosher if someone offers you 10% to do some transactions.
Identity fraud, being held responsible for other people's actions, no way to correct it, having credit ratings shot to pieces on account of that. That sort of thing.
I don't generally agree with turning bankers into policemen through excessive reporting and often moral judgement calls they're forced to make on their clients on behalf of the government, mind, but taking pains to prevent actual scamming of enlisting people to aid scamming is laudable. It'd be nice if governments directed it more on educating those likely to fall for it rather than the banks (for another moral judgement call).
Let me get this straight...
"foreign exchange students with a J-1 visa and a fraudulent passport "
So in the USA, a fraudulent passport is considered valid identification for opening an account?
You mean it is serious?
I did get such job offers, but I just dismissed it as being a Nigerian scam...
"you'll soon get your money, just pay the fee now", etc.
I did not think for a second that money offers coming from a spam could actually be serious, even if illegal.
there are more scum on the bottom then ever...
Flexible Laws ..... for Dodgy Judgements? Welcome to the Land of Dreams/World of Knights and Mares.
Here you can read about a colossal money mule operation??? .... with such gems as "Delaware is attractive because it does not tax profits realized outside the state and does not require companies to be physically present, according to the Tax Justice Network." .... and ""Delaware is no more secret than any other U.S. state," he said, noting that Delaware's attraction to business is its flexible laws and expert courts." ...... http://www.reuters.com/article/wtUSInvestingNews/idUSTRE59U1VB20091031
And so amazing as to be questioned thrice!
One time pad, or horse gate bolting
That's a little late isn't it? You're letting the bank lose money in their trust (it may be called 'identity theft' but it's not, it's theft of money from banks that they were entrusted with, that they lost because they don't properly authenticate the internet user is the actual account owner).
Put the one time tokens in place, and stop making excuses.
Now if the government would free up funds of the law abiding...
I have a friend that has had is bank account frozen by the government for over TWO years. He was the victim of the identity theft, but that almost pales in comparison the what delays the government has done. He has been mooching off of me to the tune of over $100k and I hope that the government will "let his money out of jail".
Then again, if cashing a LEGITIMATE overseas check wouldn't take THREE weeks, it might restore my faith in the banking system we have here in the USA! (Don't get me started on this!)
Re; One time pad, or horse gate bolting
Whether it is good money or bad money, it is always locked into the Banking System, so that nothing is ever "lost", it is just transferred between Bankers, who know that they can never lose. It is a rigged game with paper replacing wealth and currency flows exercised with the rearrangement of figures on electronically linked accounts nowadays, so that gazillions can be transferred/exchanged/stolen at the click of a mouse. But it only works really when no one knows how simple the scam/ssheme/sham is, but with so many involved and looking for their golden nest eggs, is it now being roundly abused by the intellectually Challenged and Negligently Greedy, who would have no idea about it having to be kept an unabused secret so that they can live the life of Kings and Queens for Free/Zero Cost to themselves ...... and is now Collapsing.
hmmm...welll that explains why Barclays have been causing me hassle
I check of all three of those (although my account is a graduate one). i was wondering why simple transactions where taking so long. Add the annoyance of having your card being cancelled for *no* good reason just at the point when your having to spend a few grand refitting a flat...
...and i think i may now know why the last year has been such a banking fuck up.
PS...all my money is innocent. However I do work in events. Even my business account often works in cash in hand funnelled in to a bank account.
PPS. Add paying of a long standing debt to a freind in the Foreign Office probably didnt help...:)