When people get scammed and money is transferred out of their bank, why isn’t there a paper trail? If the money is transferred into some foreign country that won’t allow tracing, why not just exclude those countries from the banking system?
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The paper trail typically ends with a cash withdrawal. Most scammers will use Western Union or other money transfer services that are designed to allow for very quick movement of money, although some have begun switching to crypto. Most bank fraud departments work 24/7 and start trying to get fraudulent transfers reversed immediately, but even a few hours delay can make the difference.
Typically there are multiple accounts involved in a transfer chain, and almost all of the owners of those accounts will often be victims of fraud themselves, or at worst mules who are just transferring money around for a small cut. Most commonly they’re people who have fallen for employment or investment scams, where the funds from the first victim are transferred into their accounts, only for them to be contacted and told there was an error and could they please send the money onwards to the right account?
Professional fraudsters limit their liabilities by making it impossible for banks to completely shut down their methods without making life much harder for everyone else who uses these services legitimately.
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