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> a struggling single mother loses her life savings because she fell victim to a phishing scam I thought the banking system was designed to reverse transactio
by dandanua 2y ago
> a struggling single mother loses her life savings because she fell victim to a phishing scam
I thought the banking system was designed to reverse transactions (unlike cryptocurrencies). Why do you need finding the scammer for that?
- mrtksn 2y agoScammers don't keep their money in the account they used to scam people into wiring their money in. A common case is to use other people's accounts(sometimes stolen, sometimes rented) or purchase something like crypto, gold or anything else that is expensive and easy to move. Often times the seller also doesn't know they are selling to a scammer, there's this technique where the scammers will give the account number of a seller to their victim, the victim will wire the money and the scammers at the same time will be pretending to be buyers and claim that they just wired the money and therefore the transaction is complete and they leave with the scammed money laundered in form of something valuable.
- dandanua 2y agoSo, in short, scammers can launder money in minutes, but investigators need months to track them and reverse everything. Yet, I don't think ChatControl will solve anything.
- mrtksn 2y agoI agree, it won't solve anything. Maybe in short term some idiots will get caught but the criminals will quickly learn their lesson and use other tools and avoid the surveilled ones.