I’m watching the docuseries Love Rats on Netflix, a series about people who have been scammed out of thousands of pounds by their partners / friends etc. It’s a UK series, if it’s not available elsewhere think of it like Tinder Swindler – mostly women meeting men via online dating who then aren’t who they say they are and manage to scam them out of a significant amount of money.
A lot of these people have lost so much, £50,000-£200,000, and none of them are able to get any back even if the person committing fraud against them has been arrested and charged – why is that?
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I have spent quite a few years working with the fraud team at a bank.
The short answer is that the fraudster doesn’t have the money.
Most of the cases I dealt with were organised crime, where there are separate people designing the fraud, setting it up and running it, as well as a whole network response for laundering the money. They would normally start with some mules sending the money internationally, and go from there.
Most of the rest were addicts. Again, the money was gone almost as soon as it arrived. To give one example, the office manager at a small company. The company had been struggling financially for years before the owner finally realised that a whole lot of the invoices were fake.
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