Money transfer schemes
Money transfer schemes are typically promoted by email and on the internet as 'working from home' opportunities.
What scheme offers
The schemes claim to offer you a commission simply for receiving money into your bank account and then transferring it out again. The commission can range from between 7% to 15% of the amount transferred.
Read how Rob was tempted by a 'job offer' but found FIDO first.
Warning
This high rate of commission should immediately ring warning bells. Why would anyone want to pay you so much to transfer money out of the country when they could do it themselves? Sometimes, the schemes claim that they're just getting round supposedly tough tax laws in their home country. These claims are false.
The Australian Bankers Association, the industry association for our banks, has warned that the funds being transferred:
| 'are often the proceeds of fraud and persons who act as "agents" in schemes like this are effectively laundering the proceeds of crime committed against their fellow consumers.' |
An anti- fraud expert in the banking sector has told ASIC:
'The purpose of these emails and websites is for innocent (and in some cases not so innocent) parties to provide bank accounts to receive stolen funds.
These funds are stolen from other banking customers via the internet. As you may be aware, there has been an increase in the use of trojan and keylogging viruses capturing customer internet details. Once these details are known, the offenders need Australian bank account to launder the money through. Once the money is transferred to these accounts, the account holder is instructed to keep a commission and pass the rest to a pre-arranged overseas destination.' |
What to do
Avoid these schemes, and delete the offending email. It's best never to reply, otherwise you may encourage further approaches.
If you know anyone who has got involved in these arrangements, please encourage them to go to the police. The laws against money laundering and dealing with the proceeds of crime are very strict, and no 'working from home' opportunity could ever be worth the risk of prosecution and a criminal record.
You can report suspected money transfer schemes on the ACCC's SCAMwatch website.
FIDO Website: Printed 08/21/2008
