What Is Money Transfer Fraud

This type of Fraud consists of an employment offer to help transfer money to a foreign company, supposedly because it costs too much to do it through other methods (which is usually not the case). The prospective victim receives an email like these 4 examples:

EXAMPLE 1 Dear Sir/Madam, XXXXXX is a small scale company in XXXXXX. We supply XXXXXXX to clients in some countries. We have reached big sales volume in the Europe as a starter, and now we are trying to penetrate the US/Canada market. Quite soon we will open representative offices or authorized sales centers in the US and therefore we are currently looking for people who will assist us in establishing a new distribution network there.The fact is that despite the US market is new for us we already have regular clients also speaks for itself. The international money transfer tax for legal entities (companies) in XXXXXX country is 25%, whereas for the individual it is only 7%. There is no sense for us to work this way, while tax for international money transfer made by a private individual is 7%. That’s why we need you! We need agents to receive payment for products in money orders, cheque or bank wire transfers) and to resend the money to us via Money Gram or Western Union Money Transfer. This way we will save money because of tax decreasing. JOB DESCRIPTION? 1. Receive payment from Clients 2. Cash Payments at your Bank 3. Deduct 10% which will be your percentage/pay on Payment processed. 4. Forward balance after deduction of percentage/pay to any of the offices you will be contacted to send payment to (Payments are to be forwarded either by Money Gram or Western Union Money Transfer). HOW MUCH WILL YOU EARN? 10% from each operation! For instance: If you receive 7000 USD via cheques or money orders on our behalf. You will cash the payment and keep $700 (10% from $7000) for yourself! At the beginning your commission will equal 10%, though later it will increase up to 15%! ADVANTAGES: You do not have to go out as you will work as an independent contractor right from your home office. Your job is absolutely legal. You can earn up to $3000-4000 monthly depending on time you will spend for this job.You do not need any capital to start. You can do the Work easily without leaving or affecting your present Job. The employees who make efforts and work hard have a strong possibility to become managers. Anyway our employee never leaves us. MAIN REQUIREMENTS: 18 years or older legally capable responsible ready to work 2-4 hours per week.with PC knowledge e-mail and internet experience (minimal) And please be informed that Everything is absolutely legal. If you are interested in our offer, please reply to the following email address: XXXXXX@XXXXX with your; (1)Your full names: (2) Contact address: (3) Tele/cell numbers: (4) Occupation: (5) Age: (6) Sex: Thanks for your anticipated action. And we hope to hear back from you soon.

EXAMPLE 2 Dear Sir/Madam, I am XXXXX XXXXX, Human Resources Manager of XXXXX located in XXXX. We deal in XXXXXXX articles such XXXXXX worldwide. Our website is XXXXXX. We are currently in search of a book-keeper/company representative who would assist us in receiving payment from our customers in America/Canada/Asia and other part of Europe. This offer is absolutely legal and you do not need any capital to start. Your Job description is as follows: (1) You would receive payment on our behalf from our various clients which would come in the form of cashiers checks, travelers checks and official checks. (2) You then get the payments deposited/cashed at your bank. (3) You then deduct a commission of 10% of each payment you would be receiving, as been our representative and then send the balance money via western union to any of our agent or offices that you would be instructed. HOW MUCH WILL YOU EARN? 10% from each operation! For instance: you receive 7000 USD via checks on our behalf. You will cash the money and keep $700 (10% from $7000) for yourself! At the beginning your commission will equal 10%, though later it will increase up to 12%! Our payments will be issued out in your name, as we would inform our clients to do so. If you are interested in this offer, kindly provide us with the below details. 1) Full name 2) Full house address Street/Ave, City, State and Zip Cope 3) Phone numbers 4) Age & Sex 5) Present Occupation PLEASE NOTE THAT ALL REPLIES SHOULD BE SENT THIS E-MAIL ADDRESS: XXXXXXXXXXXX Thanks for your anticipated action. And we hope to hear back from you. XXXXXX XXXXXX (Human Resources Manager)

EXAMPLE 3 Transactions specialist - part-time work opporunity. An international investment company is looking for communicative and skillful individuals to join the Receivables Team of our Finance & Infrastructure Group in the United States on part-time basis. This position involves monitoring and processing of our company’s funds. Your duties will not involve any direct client interaction, and you will be reporting to the Receivables department manager in Russia. We are looking for numerate individuals who are also able to multi-task efficiently in a team. Relevant previous experience and/or education is a plus, but not a prerequisite. The position is entirely home-based, and no relocation is required from the successful candidate. This role does not involve any fixed working hours and is suitable for senior citizens or self-employed individuals. Estimated average salary starts from $3,000.00 per month. In order to qualify for the position, you must be a permanent US resident aged 21 and above and have a verifiable personal/business banking relationship with a US bank. Since most communication with the head office will be via email/fax/phone, you should have reliable access to these facilities and be reachable during regular business hours. To apply for this position or to request additional information on our company, please contact us at xxxxxxxxx@XXXXXXXX. Please make sure to provide your contact phone number. Please note that only applicants under serious consideration will be contacted.

EXAMPLE 4:

FROM OSSY AND LINDA WILLIAMS. Avenu 12 Reu 47 ABIDJAN DANANI REFUGEE CAMP, ABIDJAN REPUBLIC OF COTE-D’IVOIRE

Dearest One,

My name is OSSY WILLIAMS and my Sister’s name LINDA we are the children of Late General BENSON WILLIAMS the former Director of military intelligence and special acting General Manager of Sieria Leone Diamond mining coperation( SLDMC ). I am contacting you to seek your good assistance to transfer and invest Five million seven hundred and twenty thousand united state dollars ($5,720,000.00) belonging to my late father which is deposited in a bank here in Abidjan. This money is revenues from solid minirals and dimonds sale which were under my fathers possession before the civil war broke out. Following the break out of the war, almost all government offices,coperations and parastatals were attacked and vandalized.

The SLDMC was looted and burnt down to ashes, and diamonds worth millions of dollars was stolen by the rebel military forces who attacked my fathers office. Many top government officials and senior army officers were assassinated and my father was a key target because of his very sensitive military position and appointment in the SLDMC.Regreatably, my father was captured and murdered along with half brother in cool blood during a mid-night rebel shoot-out when our official residence in freetown was armbushed by Fordey Sanko the notorious rebel leader. My mother sustainded very sever bullet injuries which resulted to her untimely and painful death in a private hospital here in Ivory Coast.

Now we are alone in a totally strange country without parents, relatives or any body to care for us at our tender ages. Before our mother died, she told us that our father deposited some money which he made from diamond sales and deposited it in a bank here in Ivory Coast and that we should pray and find a trust worthy foreign business partner who will help us to transfer and invest this money in profitable business venture overseas.

She told us to do this quickly so that we can leave Ivory Coast with our cousin brother-Arthur who is here in the camp with us and, then settle down abroad. She gave us the bank document to prove the deposit and then told us that my father used my name as the only son to deposit the money in the bank. She told us that this is the reason why we came to Ivory Coast. My mother died after wards. May her spirit rest in perfect peace.

I have gone to the bank to make inquires about this money and I spoke with the Manager of International remittance who assured me that everything is intact and promised to help me transfer this money to my foreign partners bank account as soon as I provide my partners foreign bank account for them. However, the manager is very concerned because of my age. I am 19 years old and as such advised that I should look for a matured person that will represent me at the bank.

If you are willing to assist us, please let us know immediately so that you will arrange the transfer of the money to your account with the bank.Please note that we will offer you 20% of the total money as compensation for your noble assistance in accodiance with my mothers advise. We are interested in any profitable commercial venture which you consider very good in your country and you would also get a school for me and my little sister and cousin so that we can finish our college education in your country.

Please there is urgent need for the money to be transferred to your account and I am hoping to hear your urgent response so that I can not look for another foreign partner.

Thank you and may God bless you and your dear family.

Yours sincerely

OSSY / LINDA WILLIAMS.

Example 5.

Dearest.

Reply in My E-mail:(koffi_juliet04@yahoo.fr)

I am Miss Juliet Koffi. My reason of contacting you is that i need your assistance to receive the sum of (US$10.500.000,00 ) into your account for a profitable investment in your country. I have made all the necessary arraangement for successful transfer of this fund into your account without any problem I will give you full detail on how this process will be done. Itis 100% risk free.

thanks. Miss Juliet Koffi Reply in My E-mail:(koffi_juliet04@yahoo.fr)

The fraudsters will then send fake checks or postal money orders, in the hopes of getting the victims to cash those fake money instruments and then getting real money from the victims.

These scams are also use as phishing tools, because many times the fraudsters are able to get the victims full name, address, social security, bank account number, etc, etc, which in ends up being identity fraud.

About Online Automotive Fraud

There are two basic schemes in online automotive fraud:

1. A fraudster posts a vehicle for sale on an online site, generally for luxury or sports cars advertised for thousands less than market value. The details of the vehicle, including photos and description, are typically lifted from sites such as ebay motors or Autoscout24 and re-posted elsewhere. An interested buyer, hopeful for a bargain, emails the seller, who responds saying the car is still available but is located overseas. He then instructs the buyer to send a deposit via wire transfer to initiate the “shipping” process. The unwitting buyer wires the funds, and does not discover until days or weeks later that they were scammed.

2. A fraudster feigns interest in an actual vehicle for sale on the Internet. The “buyer” explains that a client of his is interested in the car, but due to an earlier sale that fell through has a certified check for thousands more than the asking price and requests the seller to send the balance via wire transfer. If the seller agrees to the transaction, the buyer sends the certified check via express courier (typically from Nigeria). The seller takes the check to their bank, which makes the funds available immediately. Thinking the bank has cleared the check, the seller follows through on the transaction by wiring the balance to the buyer. Days later, the check bounces and the seller realizes they have been scammed. But the money has long since been picked up and is not recoverable.

In another type of fraud, a fraudster contacts the seller of an automobile, asking for the vehicle identification number (VIN), putatively to check the accident record of the vehicle. However, the supposed buyer actually uses the VIN to make fake papers for a stolen car that is then sold.

COUNTERFEIT CASHIERS CHEQUE SCAM: This recent scam has been reported in Atlanta and Minneapolis. Real estate property owners placing advertisements on Craigslist or rent.com receive an e-mail response from a “24 year old in the U.K. on a research program in the United States”. Addresses include john.yearwood__@yahoo.co.uk and kevin_taylor@excite.com.

The first inquiry seems legitimate. The second usually comes with request for more information, and a bogus attachment from JAPAN TOBACCO INC (who has posted information about this scam on its site) indicated the “student” has won a part time scholarship from the JT UK office. The scam comes with the third e-mail, a request for name and address so that the counterfeit cashiers cheque can be sent. The amount supposedly includes the rent and fees plus an overage for the “student’s” travel.

The owner is instructed to cash the cheque and wire the difference back to the student so that they can travel to the U.S. The photos often include a young man in graduation uniform from his college. (Note: U.K. colleges are the equivalent to high schools, not universities. One photo includes a rather dumpy, depressed looking girlfriend who must be aware of the scam.) Because of the lag between the cashing and clearing of the cheque, the owner does not realize he/she has been had until their account is debited the counterfeit cost and the wired sum. Greedy owners may even decide to keep some of the cheque, only to be had themselves later. It is best not to respond to this type of e-mail and requiring background checks before cashing first rent payments.