ProPublica reported:
Middlesex was being sued by a New Jersey man who claimed he had been defrauded of $133,565 in a cryptocurrency scheme. The suit claimed Middlesex “controlled and maintained” a bank account at Chase that had been used to collect the fraudulent payment. The purported victim wanted his money back.
It was only after Maloney went to Chase to investigate that he was able to piece together at least part of the explanation. It turned out that Chase had allowed an unknown individual, who applied online with no identification, to open an account under Middlesex’s name, according to information Chase provided to Maloney. The account was then used to solicit hundreds of thousands of dollars from fraud victims, including the $133,565 from the man who was now trying to reclaim his funds.
Middlesex’s experience, as bizarre as it seems, is part of a global problem that plagues the banking industry. The account falsely opened in Middlesex’s name, and many others like it, are way stations in a sophisticated multistep money laundering process that transports cash from U.S. scam victims to crime syndicate bosses in Asia.
Find the original article here.
Enroll in Training Sessions: Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat
Middlesex was being sued by a New Jersey man who claimed he had been defrauded of $133,565 in a cryptocurrency scheme. The suit claimed Middlesex “controlled and maintained” a bank account at Chase that had been used to collect the fraudulent payment. The purported victim wanted his money back.
It was only after Maloney went to Chase to investigate that he was able to piece together at least part of the explanation. It turned out that Chase had allowed an unknown individual, who applied online with no identification, to open an account under Middlesex’s name, according to information Chase provided to Maloney. The account was then used to solicit hundreds of thousands of dollars from fraud victims, including the $133,565 from the man who was now trying to reclaim his funds.
Middlesex’s experience, as bizarre as it seems, is part of a global problem that plagues the banking industry. The account falsely opened in Middlesex’s name, and many others like it, are way stations in a sophisticated multistep money laundering process that transports cash from U.S. scam victims to crime syndicate bosses in Asia.
Find the original article here.
Enroll in Training Sessions: Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat