Money Transfer Scams

Money transfer or payment processing jobs sound like an easy way to make an income if you are looking for home-based work. The basics of the job are that you process payments by depositing them into your account. Then you transfer the money to someone else. You keep some of the money from each transfer as your fee.

You don't need any special skills or training and you are told that you can earn a very good salary. It sounds like easy money. Unfortunately, these schemes are scams.

You may have to provide personal information when you are applying for or after you have been offered the job. You will need a bank account and your "employer" will want to know the details about that. Then there is your Social Insurance number, address and any other personal information that you will be told is needed for a background check.

Much of the information that is requested makes sense when it comes to working for a company or transferring money from different accounts. However, this information can be used to steal money from your bank accounts and/or steal your identity.

One version of this scam has the victim receiving a cheque and being instructed to deposit it into their bank account. They will then have you send them a sum of money - less your fee - via Western Union or Money Gram.

Sounds simple and easy. Until the bank contacts you and tells you that the cheque is fake. Now you have sent someone money that you really didn't have and have to pay back the bank if you didn't have the funds in the first place.

The scammers may actually send you real money transfers or legitimate cheques for awhile to gain your trust. Then one day they send you a transfer or cheque that is larger than any that you have completed before. Since you have had no problems in the past you complete the transaction.

This is where your money transfer job comes to an end. The bank contacts you to say the cheque or original money transfer is bogus and they reverse the payment from your account. You have sent the money,which you really didn't ever have. You've now lost money, in some cases a really large amount of money.

Another issue that can arise with regards to money transfer schemes is where is the money coming from that you are putting into your account? Or where is the money going when you transfer it out?

Some money transfer schemes are actually part of money laundering operations. Money laundering can be basically defined as concealing or transforming funds from illegal activities or origins and converting them into legal assets.

The money that you are transferring may come from criminal activity. The criminals can't deposit these funds to there personal accounts without arosing suspicion. The set up this money transfer business and you end up laundering money. You probably won't find out that this money is from criminal activity. However, if law enforcement finds out you could be charged with money laundering.

Before taking a money transfer or payment processing job think ask yourself these things;

Is the compensation being offered reasonable or is it too good to be true?

Can you find out any information about your "employer" online? Web site? Online recommendations?

How comfortable are you having someone you have only met online having access to your banking and personal information?

Why would a business being using peoples personal bank accounts to funnel money through? Why does the business not have a business account for this purpose?

If you receive an unsolicited email, text message or instant message with a job offer why would a company solicit just anybody for this job? You are handling money so wouldn't there be a more rigid job application process?

About | Contact Us | Sitemap