THE LIBRARY

            Silence is fraud's best friend.  Word of mouth is fraud's worst enemy.  Pass the word!

Home

About Us

FAQs

Search

Site Map

Contact us Report Email Fraud Scam Solution Center Volunteers

Custom Search

ScamSpeak Home page

 

 

 

 

Dictionary of Financial Scam Terms

 

List of scams (partial)

 

Payment Processing & other Counterfeit Draft Scams / Work at home jobs: processing payments, collections, donations, investments, forwarding checks and money orders, forwarding packages, forwarding money received by Western Union, writing and signing checks, Secret shopper jobs, forwarding cash received in packages and envelopes

 

Lottery Scams

 

Green Card Lottery Scam: Truth and Lies in simple words

 

FDIC Special Alerts List of Counterfeit Checks

 

SCAM VICTIM SOLUTION CENTER

 

The Fraud Victim's Manual

 

The Backstage Tour

Fraud secrets con artists don't want you to know!

 

 

 

 

 

 

ALL funds wire transfer systems are used for money laundering

Funds wire transfer systems: Introduction   Fedwire   SWIFT   Other wire transfer systems

What are Funds and Securities Wire Transfer Systems?

 

 

 

As opposed to the days of manual ledger entries, the days when securities were all physical documents and banks had to maintain vaults of ready cash, the age of high-speed computers and telecommunications is one of electronic financial messages.

Securities are seldom tangible items - now they are electronic ledger entries.  Credits and debits are by and large kept only as numbers in a computer data system.  Banks need only carry as much ready cash as is estimated customers will need on a day to day basis.  Even checks are becoming obsolete, being replaced with online banking and bill paying services.

Thanks to the ability for computers to speak to each other over vast global networks, international trade has speeded up.  It may still take days for bag of rice to reach its destination, but the the payment for that bag takes only a matter of minutes.

In effect, money and securities travel over the wires from one bank to the other, being credited and debited in the blink of an eye.  Each wire system is a service to which banks subscribe and for which there is a fee to the sender to cover the subscription costs.  There are wire transfer systems that are only domestic, others that are international.  Some systems permit the transmission of bank-responsible instructions or conditions, many do not. 

Rapid electronic transfer of funds and securities is a con-artist's dream come true.  He can persuade a victim to transfer funds to any bank, anywhere in the world.  He can withdraw those funds the moment they are credited to his account - without leaving the comfort of his chair in front of the computer.  And, he can be long gone before the victim even realizes he has been taken.

In the following pages you will learn how wire transfer systems work, both domestically and internationally, how they are used and by whom, and their scope and limitations.

 

Wire transfer systems: Introduction   Fedwire   SWIFT   Other wire transfer systems

 

 

 

We are not attorneys and don't pretend to be.  In our experience, the information and guidance offered on this site have proven to be effective; however, we always recommend that you consult with an attorney.

If you have doubts about Fraud Aid, Inc. do not hesitate to contact federal (FBI, Secret Service, RCMP) Scotland Yard, or local law enforcement to check us out.

Information provided about lotteries and lottery scam: Fraud Aid, Inc. is not affiliated with any pay-to-play or free online lottery or Sweepstakes games and derives no income from any pay-to-play or free online lotteries or Sweepstakes or any of their participating sponsors with the possible exception of a sponsor's independent advertising unassociated with any drawings promotion; nor does Fraud Aid promote or sponsor any lotteries or Sweepstakes or numbers drawing of any kind.

Reporting, crime-fighting, and victim resource links

Copyright 2000 - 2011 Fraud Aid, Inc.  -  All Rights Reserved

Privacy Policy Disclaimer  Spam Policy