HOW SCAMMERS COMMIT CHECK FRAUD🚨👮🏻♂️
TLDRThe video discusses various methods scammers use to commit check fraud, including stealing personal information, creating fake checks, and using 'open up' accounts for illicit activities. It warns against the consequences of such actions and urges potential scammers to reconsider their behavior, highlighting the negative impact on individuals and the ease with which scammers can be caught due to widespread surveillance.
Takeaways
- 🚨 Check fraud is a common method for scammers to steal money, but it's also risky and can lead to indictment.
- 💳 The first step in check fraud involves obtaining personal information, often through illegal means such as stealing mail or working inside banks.
- 📬 Scammers may use platforms like Telegram to purchase personal information for as little as $25.
- 🖨️ 'Cooking checks' refers to the process of creating fake checks, with some scammers selling templates to others.
- 🏦 'Open ups' are bank accounts opened with the sole intention of committing fraud, often using stolen identities.
- 💼 Shell accounts are business bank accounts created to mimic legitimate businesses, often for fraudulent purposes.
- 🎭 Scammers may recruit elderly people to cash fake checks to avoid suspicion.
- 📱 With mobile banking apps, scammers can cash fake checks without ever stepping into a physical bank.
- 💸 Scammers may also 'clean' money through purchasing money orders and cashier's checks or converting funds into cryptocurrency.
- 🕵️♂️ Surveillance is a significant risk for scammers, with cameras everywhere, including in ATMs.
- 🌍 There is a cultural difference in how scammers are perceived, with some being seen as heroes in their communities.
Q & A
What is the primary method of check fraud discussed in the transcript?
-The primary method of check fraud discussed is fake checks or check fraud, which involves stealing money through the use of counterfeit or altered checks.
How do scammers obtain personal information for check fraud?
-Scammers obtain personal information through various methods, including stealing mail, working at bank branches to gain access to customer data, and purchasing personal information from sources like Telegram.
What is the term used in the transcript to describe a bank account opened with the intention of committing fraud?
-The term used is 'open up,' which refers to a bank account opened specifically for fraudulent activities such as check fraud, bank fraud, or credit card fraud.
How do scammers alter legitimate checks?
-Scammers alter legitimate checks by marinating them in a mixture of isopropyl alcohol and acetone to remove the original ink, then adding their own information and a custom amount to the check.
What is the significance of the mobile banking app feature for scammers?
-The mobile banking app feature allows scammers to cash fake checks remotely, without having to physically visit a bank branch, making the process of check fraud more convenient and less risky.
What are 'shell accounts' in the context of check fraud?
-Shell accounts are business bank accounts created with the sole purpose of mirroring a legitimate business, often used to facilitate fraud by making it appear as though transactions are coming from a real company.
How do scammers recruit individuals to cash fake checks?
-Scammers often recruit elderly people or those who are less likely to be questioned, to walk into banks and cash the fake checks into accounts in their name.
What are the consequences of check fraud as mentioned in the transcript?
-The consequences of check fraud include legal repercussions, surveillance, and the potential for being caught on camera, which can lead to prosecution and imprisonment.
What is the speaker's stance on scamming and scammers?
-The speaker strongly disapproves of scamming and scammers, emphasizing the negative impact on individuals and communities, and expressing hope that those involved in such activities will be caught and face justice.
How does the speaker describe the situation for scammers in Nigeria?
-The speaker describes that scammers in Nigeria are often seen as heroes in their community for taking money from people in First World countries, and they do not experience the same fear of law enforcement as scammers in countries like the United States, the UK, and Canada.
What advice does the speaker give to potential scammers?
-The speaker advises potential scammers to reconsider their actions, understanding the harm they are causing to individuals and families, and to focus on targeting larger institutions rather than exploiting vulnerable individuals.
Outlines
🚨 Check Fraud Awareness
The paragraph discusses the prevalence and methods of check fraud, emphasizing the ease with which individuals can fall victim to such scams. It highlights the use of fake checks as a common tactic, and the risks involved for both the scammers and victims. The speaker warns against using the information shared for illegal purposes and criticizes the lack of effective action from law enforcement and postal services in preventing this crime. The paragraph also touches on the various ways in which personal information is obtained for fraudulent purposes, such as stealing mail or working inside banks to access customer data.
🔍 Evolving Check Fraud Techniques
This paragraph delves into the different techniques used by scammers to carry out check fraud. It describes the process of stealing legitimate checks and altering them with chemicals, as well as the use of mobile banking apps to cash fake checks without visiting a bank physically. The speaker also talks about the recruitment of elderly individuals to cash checks and the use of money orders and cryptocurrency to launder illicit funds. The paragraph stresses the importance of being aware of the consequences of check fraud, including surveillance and the risk of being caught on camera.
🙅♂️ The Impact and Deterrence of Scamming
The final paragraph addresses the broader implications of scamming and the impact it has on individuals and communities. It contrasts the attitudes towards scammers in different countries, highlighting the lack of respect for those involved in such activities in developed nations compared to the perceived heroism in some other regions. The speaker passionately denounces the act of scamming, especially targeting individuals with limited resources, and calls for scammers to reconsider their actions. The paragraph concludes with a strong message of hope that scammers will be caught and face justice for the harm they cause to others.
Mindmap
Keywords
💡Check Fraud
💡Fake Checks
💡Inside Job
💡Telegram
💡Open Up
💡Shell Accounts
💡Recruitment
💡Money Laundering
💡Surveillance
💡Consequences
💡Scams
Highlights
Check fraud is one of the easiest financial crimes to commit but also one of the easiest to get indicted for.
The initial step in check fraud involves obtaining personal information, often through stealing it.
Mail carriers are sometimes targeted by fraudsters for their access keys, leading to a high-risk situation.
Inside job methods involve fraudsters getting employment at bank branches to gain access to personal information.
Telegram is used by scammers as a platform to buy personal information for check fraud.
Check fraud involves creating fake checks that are so convincing, some scammers sell templates to others.
Accounts used for check fraud are often 'open-ups', created with stolen identities and aged to look legitimate.
Shell accounts, created to mirror legitimate businesses, are used to make check fraud appear more credible.
Recruiting elderly people to cash fake checks is a method used to avoid suspicion.
Fraudsters are now using chemical methods like isopropyl alcohol and acetone to alter legitimate checks.
Mobile banking apps have made it easier for fraudsters to cash fake checks without visiting a bank branch.
Cryptocurrency offers a way for scammers to make their illicit gains virtually untraceable.
Surveillance is a significant challenge for check fraudsters, with cameras everywhere recording their actions.
Check fraud can lead to severe consequences, including sleepless nights and constant fear of being caught.
Scammers in some communities are seen as heroes for taking money from first-world countries.
The reality for many scammers is harsh, with the risk of being caught and facing severe punishment.
Targeting individuals rather than institutions is seen as petty and morally wrong.
The speaker urges scammers to reconsider their actions, as they are ruining lives and causing unnecessary stress.
Scamming individuals for small amounts is not a sign of intelligence and is frowned upon.