Never understood how the process works and how the person offering money benefits from this. What do the IRS and banks (Chase, Capital One, Wells Fargo, etc.) do to get rid of this.
In: Economics
They use your account to cash fake cheques and send the money to mule accounts.
You get a cheque for $4000 and they tell you to keep $1500 for yourself and they send $2500 to an account that buys bitcoin, gift cards or cash from an ATM.
The bank clears the money as your account is in good standing, so they withdraw, say, $4000.
Then the cheques get cancelled and your account is -$4000 and you can’t close it until you repay the money.
They disappear with $2500 and you owe the full $4000.
What are banks doing about it? Educating customers, but if your greed and stupidity means you fall for online scams and give your login and password to a scammer, they can’t help you as you gave them away.
Latest Answers