Wire Transfer Scam

[Rem280]

I work in finance and it is scary what scammers do, Always check with your financial institutions and ask how you can further protect your accounts. Also don't mail checks. https://www.cbsnews.com/news/us-postal-service-warning-checks-mail-fraud-theft/

 

[Wheels]

Unless we go back to physical gold and silver coins there will always be a 3rd party of some sort.

Not really, unless you consider an internet connection a third party, which is required for any transaction where individuals aren't face to face. Bitcoin does not have to use a third party like a bank or Swift system to work. Between a willing buyer and seller, no third party bank, institution, government etc. can stop or refuse the transaction. The transaction takes place party to party unless a party wants to use a third party like an exchange. There will always be a recording in an open ledger system but it has no bearing on the decision or the transaction.

ie: A hunter in America can send btc from his hard wallet to an outfitter in Africa's hard wallet in a few minutes, similar to pulling a gold coin out of your pocket and handing it to him if you were face to face.

 

[CoElkHunter]

I work in finance and it is scary what scammers do, Always check with your financial instructions and ask how you can further protect your accounts. Also don't mail checks. https://www.cbsnews.com/news/us-postal-service-warning-checks-mail-fraud-theft/

Thanks for posting this.

 

[Bob Nelson 35Whelen]

Great work by your bank, worth a "thankyou!". Mine is right on the ball, even with minor amounts of money; anything unusual, I get a message from them post haste.

@geoff rath
Mines the same. I made a purchase from New Zealand for around 100 bucks. My bank rang me to verify it was a legitimate deal.
Good ol Bank West is on the ball.
Bob

 

[Areaonereal]

I transfer thru PNC bank locally to SA or Namibia…requirement for me to sit in the office, provide info…review and confirm and sign off on it…no exceptions…still make me nervous that it gets to Recipient

 

[JimP]

I actually liked my last outfitter in South Africa when I saw that they had a US bank account to transfer money to.

Granted it doesn't eliminate fraud but it cuts way down on it.

 

[flatwater bill]

@375Fox Is that true? I don't know anything about Bitcoin or the like. But I thought the purpose of it was to eliminate banks and governments. The fewest intermediaries the better.....@rem280 is that true? I mail checks all the time. I should stop doing that. And to those who trust their banks, ask them....what recourse do you have, how will they help you once your transfer has left the USA.?...none, that's what they will say......it is gone, girl, gone......FWB

 

[375Fox]

@375Fox Is that true? I don't know anything about Bitcoin or the like. But I thought the purpose of it was to eliminate banks and governments. The fewest intermediaries the better.....@rem280 is that true? I mail checks all the time. I should stop doing that. And to those who trust their banks, ask them....what recourse do you have, how will they help you once your transfer has left the USA.?...none, that's what they will say......it is gone, girl, gone......FWB

I don’t think the FTX collapse that made news would have happened if it wasn’t true. No one wants $100k of cash sitting in their house in case it gets stolen. Same principle applies to bitcoin on your personal computer. Most people want a form of a bank available.

 

[Rem280]

@375Fox Is that true? I don't know anything about Bitcoin or the like. But I thought the purpose of it was to eliminate banks and governments. The fewest intermediaries the better.....@rem280 is that true? I mail checks all the time. I should stop doing that. And to those who trust their banks, ask them....what recourse do you have, how will they help you once your transfer has left the USA.?...none, that's what they will say......it is gone, girl, gone......FWB

Mail theft is out of control. Steeling checks to alter, cash, and credit cards are big business for organized crime. https://www.cbsnews.com/newyork/news/brooklyn-mail-carrier-credit-card-theft/

 

[Rem280]

@375Fox Is that true? I don't know anything about Bitcoin or the like. But I thought the purpose of it was to eliminate banks and governments. The fewest intermediaries the better.....@rem280 is that true? I mail checks all the time. I should stop doing that. And to those who trust their banks, ask them....what recourse do you have, how will they help you once your transfer has left the USA.?...none, that's what they will say......it is gone, girl, gone......FWB

Financial Crimes Enforcement Network (FinCEN) Alert below:

https://www.fincen.gov/sites/default/files/shared/FinCEN%20Alert%20Mail%20Theft-Related%20Check%20Fraud%20FINAL%20508.pdf

 

[Rem280]

@375Fox Is that true? I don't know anything about Bitcoin or the like. But I thought the purpose of it was to eliminate banks and governments. The fewest intermediaries the better.....@rem280 is that true? I mail checks all the time. I should stop doing that. And to those who trust their banks, ask them....what recourse do you have, how will they help you once your transfer has left the USA.?...none, that's what they will say......it is gone, girl, gone......FWB

Bitcoin is used a lot in scams.

 

[Mekaniks]

Thanks for posting this Bill. It’s an excellent heads up for everyone that is wiring money.
I wired money for my last trip and had to go to the bank, sit in the office, and give them all the transfer info, in person.
That said, I wish more outfitters would take credit cards.
Visa, Amex, all of them have fraud protection now. While it’s certainly not scam proof they do provide an extra layer of protection and convenience.

 

[Wheels]

I don’t think the FTX collapse that made news would have happened if it wasn’t true. No one wants $100k of cash sitting in their house in case it gets stolen. Same principle applies to bitcoin on your personal computer. Most people want a form of a bank available.

FTX was a small group of incompetent and corrupt individuals involved in crypto. Bitcoin had nothing to do with it.

You can't have $100k of bitcoin laying around the house. Bitcoin is not a tangible asset. A Bitcoin is a unique mathematical formula that is divisible by 100 million individual parts called Satoshis. Only 21 million Bitcoin will ever be mined so supply is limited. A Bitcoin can be anywhere or no where. It is simply math.

A wallet can be on your phone, computer, an exchange, or a device like a thumb drive. A Bitcoin however doesn't reside there. Only open ledger information showing that you either mined or bought X amount of Bitcoin.

Phones, computers, exchanges can be hacked. This is where the horror stories about crypto come from. If you want to own Bitcoin or any type of crypto, don't keep information on any of these devices. Keep it where it can't be accessed from the internet or by a hacker.

I am not an expert on this but hope this clarifies a few things up.

 

[Wheels]

Bitcoin is used a lot in scams.

The United States Dollar is used in more scams around the world than all crypto and all other fiats combined.

 

[Wishfulthinker580]

FTX was a small group of incompetent and corrupt individuals involved in crypto. Bitcoin had nothing to do with it.

You can't have $100k of bitcoin laying around the house. Bitcoin is not a tangible asset. A Bitcoin is a unique mathematical formula that is divisible by 100 million individual parts called Satoshis. Only 21 million Bitcoin will ever be mined so supply is limited. A Bitcoin can be anywhere or no where. It is simply math.

A wallet can be on your phone, computer, an exchange, or a device like a thumb drive. A Bitcoin however doesn't reside there. Only open ledger information showing that you either mined or bought X amount of Bitcoin.

Phones, computers, exchanges can be hacked. This is where the horror stories about crypto come from. If you want to own Bitcoin or any type of crypto, don't keep information on any of these devices. Keep it where it can't be accessed from the internet or by a hacker.

I am not an expert on this but hope this clarifies a few things up.

I admittedly haven’t paid much attention to crypto (maybe a mistake) so please pardon my ignorance but what exactly gives value to Bitcoin?

 

[Wheels]

I admittedly haven’t paid much attention to crypto (maybe a mistake) so please pardon my ignorance but what exactly gives value to Bitcoin?

Happy to try to help.

Unlike fiat, there is no country backing bitcoin. Scarcity and perception of value is what gives it value. There will be a maximum of 21 million bitcoin mined, of which 19 million have been mined. No government or entity can ever increase the 21m number.

In my lifetime, the purchasing value of a dollar has decreased from $1 to less than $.09, and the USD has probably done better than any other fiat over that time frame. All countries debase their currency. Printing money is what politicians do to get votes.

The first bitcoin transaction was the purchase of two pizzas for 10,000 bitcoin. At today's $30,000/bitcoin those two pizzas cost $300,000,000.

It might not be a bad idea to treat bitcoin as an insurance policy against cash. If you have $100 and with inflation, feel it will only be worth $95 next year, how many $ is it worth to off set the dollar devaluation into gold/silver/bitcoin, etc.

Crypto comes in multiple forms. Bitcoin was made to be a store of value. Stable coins like USDT/USDC are supposedly on par to a fiat like the USD, and theoretically move with the USD. There are companies like Chainlink that perform a service and instead of going through the startup/multiple rounds of angel investing/IPO route, chose to come out as a crypto. If those type companies products and service work, a few of them might become the equivalent of a Google/Amazon/Ebay of the dotcom boom.

In no way am I an expert in crypto. Just an old peckerwood who has made a lot of mistakes and a few good decisions in a business/investment career.

Hope this helps.

 

[Wishfulthinker580]

Happy to try to help.

Unlike fiat, there is no country backing bitcoin. Scarcity and perception of value is what gives it value. There will be a maximum of 21 million bitcoin mined, of which 19 million have been mined. No government or entity can ever increase the 21m number.

In my lifetime, the purchasing value of a dollar has decreased from $1 to less than $.09, and the USD has probably done better than any other fiat over that time frame. All countries debase their currency. Printing money is what politicians do to get votes.

The first bitcoin transaction was the purchase of two pizzas for 10,000 bitcoin. At today's $30,000/bitcoin those two pizzas cost $300,000,000.

It might not be a bad idea to treat bitcoin as an insurance policy against cash. If you have $100 and with inflation, feel it will only be worth $95 next year, how many $ is it worth to off set the dollar devaluation into gold/silver/bitcoin, etc.

Crypto comes in multiple forms. Bitcoin was made to be a store of value. Stable coins like USDT/USDC are supposedly on par to a fiat like the USD, and theoretically move with the USD. There are companies like Chainlink that perform a service and instead of going through the startup/multiple rounds of angel investing/IPO route, chose to come out as a crypto. If those type companies products and service work, a few of them might become the equivalent of a Google/Amazon/Ebay of the dotcom boom.

In no way am I an expert in crypto. Just an old peckerwood who has made a lot of mistakes and a few good decisions in a business/investment career.

Hope this helps.

Thanks . I graduated high school in 2010 and IIRC there were Bitcoin ads on Coke products (something like that). I should’ve emptied my bank account at .09 cents (I think that’s what it started at) a coin. Hindsight being 20/20 I’d be retired and going on full bag safaris in TZ if I would’ve held on to it. Oh well. Se la vie

 

[Royal27]

Bitcoin is used a lot in scams.

With all due respect, can you name a single scam with BTC that hasn't been done with the done with the dollar? Bet ya can't.

It's much safer and more trackable than the dollar. It can't be debased because some politician decides to make the printer go burr either.

 

[375Fox]

Thanks . I graduated high school in 2010 and IIRC there were Bitcoin ads on Coke products (something like that). I should’ve emptied my bank account at .09 cents (I think that’s what it started at) a coin. Hindsight being 20/20 I’d be retired and going on full bag safaris in TZ if I would’ve held on to it. Oh well. Se la vie

If you read about how many exchanges were hacked in the early days, I think your chances of still having any of it today would be zero.

 

[Royal27]

If you read about how many exchanges were hacked in the early days, I think your chances of still having any of it today would be zero.

Not your keys not your coins. Exchanges being hacked have nothing to do with BTC itself. That's like saying the dollar in the bank caused the bank robbery to be successful