When people get scammed and money is transferred out of their bank, why isn’t there a trail to easily find the scammer? If the money is transferred into some foreign country that won’t allow tracing, why dont you get a notification of sus activity before the transaction goes trough?

Question

i find it amazing that the scammers have such and easy and forgiving path to potentially taking all of your life savings if on the card with all of your credit card info, or even without the cvv number. and it can not be traced and they wont face any penalty for stealing or trying to steal. and why cant you set up your card that it requires a app approval or a pin for all online purchases that would literally make the card info by itself useless? any app protection you use in online store to confirm on your phone is by already trusted stores making sure scammers dont use stolen info there so basically only the businesses are protecting themselves

and if you say the scammers take the cash out somewhere, how can this be done without having a physical card put in the machine with pin or showed at the bank counter with connected id? why does it feel like its all set up for scammers to scam and get away with it and you have to think of loopholes to protect yourself but that even wont work if the employee at the bank leaks your cc info even to never used card anywhere.

ideas?

In: Economics

Answer 1

>and if you say the scammers take the cash out somewhere, how can this be done without having a physical card put in the machine with pin or showed at the bank counter with connected id?

Banks do require that and the scammers provide the necessary verification.

Usually the withdrawal mule accounts. Mule accounts belong to a group of people exploited by the scammers just for the act of withdrawal. The usual modus operandi is to approach an underprivileged population that has a banking account, then ask them to “rent” their account because “you want to avoid taxes”.

The gullible mule rents their account and ATM card, and the scammers withdraw using that account. The police would be able to reach the mule and in some countries prosecute the mule, but the withdrawal amount is lost forever. The scammers won’t provide any personal identification when renting a mule account, some mule didn’t even meet the scammers in person. In my country the scammers used to “buy” accounts from foreign labour who are returning to their country.