301
votes
Accepted
Sugar daddy wants my online banking login info to make deposits — is it a scam?
they're asking me for my online banking username and password. is that
information alone enough for them to be able to take my money out of
my account, or am i safe?
They don't need that ...
- 13.9k
206
votes
Is this work legal? Someone promises payment for converting money transfers to Bitcoin
It's a scam. It's called a money mule. Typically the way this will work is that the scammers will make a fraudulent money transfer into your friend's account. Your friend will convert the funds into ...
- 13.9k
117
votes
Accepted
Why do banks seem to be indifferent about identity theft?
Banks are not indifferent to identity theft. They are just not sharing with you what they are doing.
As well as the privacy reasons cited in the other answer, and the inability of the banks to conduct ...
- 33.9k
88
votes
Is this work legal? Someone promises payment for converting money transfers to Bitcoin
It’s a money-laundering scam, and your friend is likely to get into serious trouble, and possibly lose a lot of money, if he takes part.
- 23.5k
79
votes
Accepted
Why is a transfer from an account to another not done instantly when it's not the same bank?
Because banks still rely on processes and software that were established many decades ago, when constant, semi-instant communication was not technologically possible. Instead, you would have batch ...
- 8,135
74
votes
Sugar daddy wants my online banking login info to make deposits — is it a scam?
In addition to the simpler "it's a scam" answers, part of the sugar daddy arrangement is control. If the sugar daddy doesn't get what he wants, he should have control of the sugar baby account to take ...
- 8,772
65
votes
How do you link two checking accounts from two different banks in two different countries?
There is no banking process in the world which requires you to share your "security info" (passwords, PINs, TANs, mother's maiden name or other authentication factors) with a third party.
No bank ...
- 24.1k
65
votes
Why don't unbanked people use cryptocurrency?
Let me tell you a true story that I observed in my working life about the importance of failsafes in financial transactions:
I was on my company's M&A team, preparing for the acquisition of ...
- 42.9k
64
votes
My online boyfriend ask me to do the bank transfer using his bank account because he can't access it from another country
Any time someone asks you to move their money through your account, assume it is a scam.
Any time someone asks you to log in as them, assume it is a scam.
Any time someone asks you to do them a favor ...
- 49.6k
57
votes
Is this a fake bank?
First Capital used to be a legitimate bank, but was taken over in 2015 and no longer exists. I expect the domain name has now been allowed to expire, and so has been grabbed by a scammer.
- 23.5k
55
votes
Why don't unbanked people use cryptocurrency?
There are several reasons why cryptocurrencies are no option for everyday commerce:
Transfers are expensive. Most cryptocurrencies are designed in a way that you need to pay cryptocurrency to ...
- 24.1k
53
votes
Do I have rights to money that was intentionally deposited in my bank acct
I'm afraid to say you've been scammed. The "gentleman" may not even be one person, but a team of people operating from a call centre type arrangement.
If the account was with a legitimate ...
- 24.4k
51
votes
Getting paid to like Instagram's posts? Scam?
You're right.
He also told me of this other similar job where they would deposit a certain amount of money to earn higher amount of return, up to 10k
That's the real scam. This is called "money ...
- 181k
42
votes
Is this work legal? Someone promises payment for converting money transfers to Bitcoin
Your friend should go to a lawyer. The lawyer can then make a deal with the government where your friend testifies as to the activities. Your friend may be asked to communicate with his "employer" ...
- 21k
36
votes
Is this a fake bank?
Any time someone tells you that you need to open an account with a specific bank, it's a scam.
(There are cases where a specific broker may not be, but they're unlikely to apply to anyone but a tax-...
- 49.6k
31
votes
My online boyfriend ask me to do the bank transfer using his bank account because he can't access it from another country
I'm sorry but there is no boyfriend and there is no bank.
You just gave away $2,090 to an Internet stranger. I don't know how you sent this money but assume it's gone forever.
To be in cahoots implies ...
- 8,573
30
votes
Why do banks seem to be indifferent about identity theft?
I asked for the account number or name of the entity on that account,
and they refused to give me that information.
If the transfer was made directly from the card to the destination account, then ...
- 2,657
29
votes
Is this work legal? Someone promises payment for converting money transfers to Bitcoin
This is definitely a scam
Most electronic fund transfers are reversible, whereas bitcoin transactions are final. Your friend will successfully receive the money and transfer it as bitcoin. When the ...
- 898
28
votes
Are programmers in the USA still able to automate fetching their bank transactions, like was possible in the 1980s and 1990s?
The US banks are notoriously bad when it comes to modernization of features. There are multiple ways of doing it and many different banks support many different ways, but there's no one standard all ...
- 181k
28
votes
Getting paid to like Instagram's posts? Scam?
It's a scam.
When people pay for likes, the rate is very very low. It's like a cent per like or something, often even less. What people do is put up 100s of phones on shelves all facing up, pay a ...
- 443
26
votes
Accepted
Why does it take 3 days to do electronic transfers between banks?
I was perplexed by this until a few days ago when it finally clicked in a meeting with our fraud and money laundering teams in work (I work on trading surveillance). Apparently fraud detection and ...
- 9,072
26
votes
Under what circumstances can a bank transfer be reversed?
Bank transfers are reversed in specific cases of fraud.
For example, if I hack into your bank account and send money to a third person, when it is discovered it will be reversed. There is no ...
- 116k
25
votes
Accepted
What information do scammers need to withdraw money from an account?
From the link in Vicky's answer, the fraudsters needed access to the victim's computer (or for the victims to transfer the money, or general access to the victim's account) and for the victim to read ...
- 4,353
25
votes
Why do banks seem to be indifferent about identity theft?
I understand your frustration at feeling as though banks may not care about fraud, but they do. You have to realize though that there are limits to what they can do. It is up to the police or other ...
- 5,390
25
votes
How to make sure a payment is actually received and will not bounce, using Paypal, Stripe or online banking respectively?
You can't. That's what these scams hinge on. The whole point is that transactions that are fraudulent can be reversed. The way these scams are set up is that the victim sends their money willingly, ...
- 181k
23
votes
Are programmers in the USA still able to automate fetching their bank transactions, like was possible in the 1980s and 1990s?
Fetch them through the Plaid API: https://plaid.com/products/transactions/
In summary, you give your bank account password to a third-party fintech app like Plaid, and it downloads the transactions ...
- 331
22
votes
Why is a transfer from an account to another not done instantly when it's not the same bank?
Actually, its a bit more complicated than the other posts suggest.
Transferring money between two banks is a rather complicated thing, as you are really just transferring information about the value,...
- 5,316
22
votes
Accepted
How to understand payment due date for a credit card
There is a delay between the billing cycle and when the payment is due, it can vary, but it means you don't pay for any purchases for at least the length of the delay. In cases where you purchase at ...
- 70.8k
20
votes
Someone asked me to log in into their bank account
It's a scam. Ask yourself why someone you've never met would trust you with $19,000. Also, why the 'wi-fi' on the 'cruise ship' is good enough for him to send you emails or get checks written and ...
- 760
18
votes
Do I have rights to money that was intentionally deposited in my bank acct
Do I have rights to that money because it was in my account in my
name?
You are asking the wrong question. If the account was real, and you helped move money into and out of the account, then the ...
- 143k
Only top scored, non community-wiki answers of a minimum length are eligible