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AML/KYC laws have done us a big favour. Otherwise that would be a bank txn they would ask for. And now buying $200 of gift cards as an actual gift is impossible

AML/KYC laws have done us a big favour. Otherwise that would be a bank txn they would ask for. And now buying $200 of gift cards as an actual gift is impossible (in physical space)

mothballed 1y ago
Always verify a wire details through an initiated call to a verified number of the legitimate institution in question. My country has AML law, but all the time people are tricked into wiring money to scammer for a house or something else because they take wire details by spoofed e-mail or a received phone call. The scammers are very clever, they will monitor e-mail from a title company or some other company with large invoices, then trick you at the exact moment you are making a legitimate transaction to a legitimate institution. Because you did not make a mistake sending the wire, nor did the bank, only sent it to exactly the wrong person, once the wire gets forwarded on out of country you're often SOL.
- giveita 1y ago
  Correct. There is more verification buying a beer at some pubs than sending $1m.
  - deleted 1y ago
    [deleted]
- Beretta_Vexee 1y ago
  Many scammers have sources in government agencies, companies, insurance companies, etc. The day my mother asked to receive her pension, she received calls from scammers, even though she had been relatively spared until then. I have had similar feedback from people who have to call for help with mental health, depression or addiction issues. These people have no scruples and are willing to pay others without much hesitation.
FabHK 1y ago
> AML/KYC laws have done us a big favour. And crypto, needless to say, enables these pig butchering scams (and others). The Economist estimates the scam industry to rake in about $500 bn a year.
alphydan 1y ago
On the other hand, many companies outsource their AML/KYC as it's a cost center. And your passport, face, bills, address is stored in a server with dubious encryption, handled by poorly paid service reps. You can google the many data breaches of such data. Great for scams.

AML/KYC laws have done us a big favour. Otherwise that would be a bank txn they would ask for. And now buying $200 of gift cards as an actual gift is impossible (in physical space)

mothballed 1y ago

Always verify a wire details through an initiated call to a verified number of the legitimate institution in question. My country has AML law, but all the time people are tricked into wiring money to scammer for a house or something else because they take wire details by spoofed e-mail or a received phone call. The scammers are very clever, they will monitor e-mail from a title company or some other company with large invoices, then trick you at the exact moment you are making a legitimate transaction to a legitimate institution. Because you did not make a mistake sending the wire, nor did the bank, only sent it to exactly the wrong person, once the wire gets forwarded on out of country you're often SOL.

giveita 1y ago
Correct. There is more verification buying a beer at some pubs than sending $1m.
- deleted 1y ago
  [deleted]
Beretta_Vexee 1y ago
Many scammers have sources in government agencies, companies, insurance companies, etc. The day my mother asked to receive her pension, she received calls from scammers, even though she had been relatively spared until then. I have had similar feedback from people who have to call for help with mental health, depression or addiction issues. These people have no scruples and are willing to pay others without much hesitation.

FabHK 1y ago

> AML/KYC laws have done us a big favour. And crypto, needless to say, enables these pig butchering scams (and others). The Economist estimates the scam industry to rake in about $500 bn a year.

alphydan 1y ago

On the other hand, many companies outsource their AML/KYC as it's a cost center. And your passport, face, bills, address is stored in a server with dubious encryption, handled by poorly paid service reps. You can google the many data breaches of such data. Great for scams.