How Foreign Scammers Use U.S. Banks to Fleece Americans (propublica.org)
- Reference: 0178175928
- News link: https://yro.slashdot.org/story/25/06/25/1619215/how-foreign-scammers-use-us-banks-to-fleece-americans
- Source link: https://www.propublica.org/article/pig-butchering-scam-cybercrime-us-banks-money-laundering
Chinese-language Telegram channels openly advertise rental of U.S. bank accounts to scammers who use them to move victims' cash into cryptocurrency. Bank of America allowed hundreds of unverified customers to open accounts, prosecutors alleged, including 176 customers who claimed the same small home as their address.
Major financial institutions whose accounts pig-butchering scammers have exploited include Bank of America, Chase, Citibank, HSBC and Wells Fargo. The scams typically involve fake cryptocurrency trading platforms that convince victims to wire money to seemingly legitimate business accounts. Banks are reluctant to share account information with each other even after identifying suspicious activity, and "no real standards" exist for what banks must do to detect fraud or money laundering.
[1] https://www.propublica.org/article/pig-butchering-scam-cybercrime-us-banks-money-laundering
In a nutshell.. (Score:4, Informative)
Check your accounts daily, report unfamiliar transactions immediately, and remain vigilant. A friend of mine had 6k disappear from her Bank of America account when a stranger walked into a branch with a washed check stolen from a postal box and they simply honored it- no questions asked. They gave her the run around, sorry nothing we can do, and left her to twist in the wind because the last thing they wanted to do was admit their mistake. I showed her how to get a resolution and they caved. Banks are in business for profit, not take care of you.
Where to go for help with banks, credit unions (Score:2)
A good place to start when there's a problem with your bank: [1]https://www.helpwithmybank.gov... [helpwithmybank.gov]
Credit Unions are supervised by a different agency: [2]https://ncua.gov/consumers [ncua.gov]
[1] https://www.helpwithmybank.gov/index.html
[2] https://ncua.gov/consumers
Re: (Score:2)
How can you check an account in your name that you do not know exists as was the case in this article?
regulation is a way out - but we can't have it (Score:2)
But it has to be effective regulation. Too bad the criminals on Capital Hill are no better than the criminals abroad.
Folks, we're on our own. The government isn't going to step in and protect us. The banks certainly aren't going to do it.
If your loved one is into crypto, and excited about a new investment: Stop them! Call their bank and report the suspicious activity, some banks still do listen even if they do so far too late. Steal their phone and change their passwords if you have to. Although getting loc
Foreign scammers? (Score:2)
Dudes, you voted them in office! No need for name calling. Yeesh...
FTFY (Score:5, Informative)
s/failed to prevent/enabled/
That's actually rather impressive (Score:2)
> Bank of America allowed hundreds of unverified customers to open accounts, prosecutors alleged, including 176 customers who claimed the same small home as their address.
I'm no fan of Bank of America, but with 70,000,000 customers, "hundreds" of problematic accounts seems more like they're doing a good job in this area rather than a bad one.
Told you so... (Score:2)
We Europeans have been telling you for decades that your banks are 30 years behind the times.
And you did your usual thing ...NOTHING.
Re: (Score:1)
Our banks in the US have decided it is cheaper to allow and payout fraud than to spend the money to fix or prevent fraud. Until fraud hits their bankbooks even more, they won't do a thing.
Re: (Score:2)
I imagine they still collect their transaction fees in any case.
Re: (Score:2)
When the fraud happens, it's not their money.
Thus they don't give a shit.
Re: (Score:1)
Yeah. Along with everything else in America.
We get it. You Europeans are just so cool and sophisticated and advanced, and America sucks. We got the message. Really. Thanks.
Re: (Score:2)
Oh, yeah. The predictable smugness of Europeans, who like to tout how safe their systems are while buying horse meat that was advertised as hamburger.
Bank of America (Score:1)
In recently opened an account at Bank of America. My opening deposit was $434,500.
We were not able to access on-line banking while I was there. Was told to call an 800 number. When I got home, I called the number.
I was transferred around a few times and at some point, I was told it was a fraud issue, and I had to go to an office with two forms of ID. I said that I had JUST COME from their office, having opened an account with THREE forms of ID. I further stated that if I had to go to their office, it woul
Re: (Score:1)
Yeah, but at Wells Fargo, you should expect this kind of thing.
It also shouldn't matter how much money you have in an account. Nobody should be transferred four times, ever, for any reason.
Re: (Score:2)
Wrong attitude. Instead of blaming the victim why don't we come up with solutions to stop this, starting with the banks and their seemingly inept methods of banking.
Re: (Score:2)
Soo, say, would you also say the MAGAs are not responsible for the bad choice they made with their votes?
Re: (Score:2)
Many times it's the scammers getting access to someone's bank info and then sending a wire transfer request.
Then the bank, without verifying or following their own security protocols, wire transfer's the money out of the victims bank account.
Then the bank goes all pikachu face and says they can't do anything to help you. Afterall, it's not their fucking money that they gave away...
Re: (Score:2)
See the collapse of the banks in 2007-2010. They were allowed to fail and not given any government money to make up for their fraudulent subprime scheme.
In fact, the CEO's that created those fraudulent schemes were arrested and still in prison for breaking the law
LoL. Wait....this is America.