New wrinkle on payment processing scam

[notorial dissent]

This is a new wrinkle on the payment processing scam so popular with this crowd, haven't seen this one before.

They are somehow electronically transfering funds in to your account, and then expecting you to send the balance on to them through WU. I'm not quite sure how you do a fraudulent eft, but they seem to think they have found a way.

*Vacancy As A Company Representative*
...
From:
Central Textiles Ltd. Hong-Kong <test@****.com>
...
Add to Contacts
To:
Hello,

My name is Henry Viljoen of Central Textiles (Hong Kong) Ltd. we are in need of
company representatives in the UNITED STATES OF AMERICA U.S.A to process payments
from our customers at a commission.

This is because we experience a lot of delays in receiving payments from them
here in Hong Kong. direct money wire to us by our customers has also had its
challenges and after our company board meeting we realized we save time and cost using
agents on a commission.

JOB DESCRIPTION.
----------------
1. Receive payment from Customers through secure ONLINE BANKING directly to your bank

account.(WE DO NOT MAKE CHECKS OR MONEY ORDER PAYMENTS)

2. Deduct 10 percent which will be your percentage/pay on Payment processed.

3. Forward balance after deduction of your percentage to any of our
company branches worldwide as instructed by us.(Payment is either By Money Gram
/ Western Union Money Transfer).

HOW MUCH WILL YOU EARN?
------------------------
10 percent from each transaction for example,if you receive $2000 on
our behalf you Keep $200 for yourself.with hard work,honesty and reliability
your commission will be increased to 15% over time.

Is this legal and not some sort of money laundering?
----------------------------------------------------
Our operations are 100% legal and we have been in business for many years
we realized we actually save more more by using company representatives and all taxes
are paid for. we also comply with all international trade laws and Anti-
money laundering laws.

ADVANTAGES
----------
You do not have to go out as you will work as an independent contractor
Right From your home / office. Your job is absolutely legal.
You can earn up To $500- $2000 monthly depending on time
you will spend on the job. You do not need any capital to start. You can
do the Work easily without leaving or affecting your present Job employees
who work hard have a Possibility to become regional managers.

MAIN REQUIREMENTS.
------------------

18 years or older,
Legally capable(no criminal record)
Responsible,
Ready to work 3-4 hours per week. With PC knowledge
E-mail and Internet experience (minimal)

If you are interested in our offer please provide the information below

Name:
City:
State:
Zip code:
Gender
Age:

Please note: only interested applicants should respond and please check
your email for response within 24 hours.Please click on reply on your page
to respond.
Thank you,
Henry Viljoen

[Kestrel]

1. Seems to me that if they have your electronic banking information, they can withdraw funds just as fast as they deposit them.

2. They could be using your online banking information to electronically deposit bogus checks. I use an ATM to deposit checks to my account. The bank gives me access to the full amount of the check within 24 hours. But any check I deposit through the ATM (and withdraw funds against) could still bounce.

The rest of the scam is unchanged.

[notorial dissent]

Yes to both points, but you are making a deposit, using your bank card, through the ATM, which requires a whole set of security protocols, something the scammers wouldn't have access to. The only way I know of that they could do an EFT is actually through a bank, normally that requires cleared funds, so unless they have found a wrinkle I'm not familiar with, I don't see how they are doing it. I can do an EFT from my account to any other account I have the information to, but it has to be cleared funds.

What they are doing is EFT'ing the funds to your account, and then having you wired the funds somewhere else, which makes no real sense if you know how these things actually work.

[webhick]

They are somehow electronically transfering funds in to your account, and then expecting you to send the balance on to them through WU. I'm not quite sure how you do a fraudulent eft, but they seem to think they have found a way.

Actually, it looks like they're not doing a fraudulent EFT. They say they're giving you the money through "ONLINE BANKING." That says to me that they're using the online bill pay feature of their bank account. I don't know about every bank, but mine doesn't remove the money from my account until the check is actually cashed. Anyone who has been on the receiving end of those checks knows that they look really legitimate. The sender is usually a company like "Payment Processing Center" and you have to look a bit to find the real sender's name. That would also make the email "true" because they don't "make" check payments - their online bill pay does.

If they were cutting the check on their end and physically depositing into the person's bank account, that would pose a major problem because my bank only has 10 branches and only in NH. And since he doesn't have my ATM card, there's no depositing to an ATM into my account. So, that leaves mailing in the deposit. He would at least have to know my bank name. If he got my account number, he could have deposit tickets made up online (although I think they'd have a problem with deposit tickets made for one person at one address and paid for and shipped to someone in a different state or country) and deposit by mail. But if he didn't, could send the check along with a note "Please deposit," but something like that would prompt a call from my bank.

[notorial dissent]

OK, when they say

"secure ONLINE BANKING directly to your bank account"

that means to me, at least, that they are doing an electronic transfer of some kind. The same issue holds for any type of bill pay account, you can't have them send out a check for funds you don't have in your account. They also say,

(WE DO NOT MAKE CHECKS OR MONEY ORDER PAYMENTS)

So that would seem to limit the options.

[Kestrel]

Actually, it looks like they're not doing a fraudulent EFT. They say they're giving you the money through "ONLINE BANKING." That says to me that they're using the online bill pay feature of their bank account.

I think you've nailed it.

Anyway, the way the scam normally works is that the victim gets a series of smaller legitimate payments first. He gets in the habit of forwarding the money per instructions, keeping his "fee" each time. With each successful transaction he lowers his guard a little bit more. He may even start bragging to friends about his "success" and line up more marks for the scammer.

Then he gets elevated to Trusted Agent. He receives The Big Payment. His ego stroked, he forwards that money just like all the other times.

The Big Payment bounces, of course. And the amount he loses equals or exceeds all the "fees" he kept from the smaller transactions.

[ashlynne39]

Maybe it really is just money laundering and nothing more.