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297

You're most definitely being scammed. You're being asked all the information required to steal your identity and take over your bank account. And Austria is land-locked, it has no west coast (or any coast, for that matter).


294

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 information to deposit funds to your account, and having that information will allow them to take money out of your account. You are being set up to be robbed. In the ...


201

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 Bitcoin and send it off to the scammers. After a few days or weeks, the bank will figure out that the original transfer was fraudulent and come after your friend'...


101

I wonder if your rational thinking is getting confused by the prospects of getting some deposit from that person? He needs, amongst other things : •online access username •online access password Ok, so you have 1000 in your account. They deposit 500 and you are happy. Then they take out all 1500 and you're done :) How can you not think it is a ...


87

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.


78

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 processes that run on huge mainframe computers overnight. Changing these processes is extremely difficult, because there are so many things tying into it - taxes,...


74

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 back his money or re-assert control. This ranges from controlling the bank accounts to having control of credit cards or paying rent. If he isn't kept happy, ...


66

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 anywhere in the world will tell you that there is any situation whatsoever where you are supposed to give those secrets to anyone but them. No bank anywhere in ...


61

"Things are the way they are because they got that way." - Gerald Weinberg Banks have been in business for a very long time. Yet, much of what we take for granted in terms of technology (capabilities, capacity, and cost) are relatively recent developments. Banks are often stuck on older platforms (mainframe, for instance) where the cost of redundant ...


47

All that's needed to deposit into your account are two things your account number an international bank identifier Bank identifier is could be SWIFT code, IBAN, or similar routing number. an ABA routing number a similar idendifier used by US banks. It's a scam. A variant scam deposits too much money in your account and then requests you repay the ...


45

While the US hosts most of the world's innovative startups, its own financial and banking systems are very slow to change. The infrastructure exists, however the ACH transfers are not wide-spread between individuals. Banks much prefer the option of bill-pay (i.e.: as you said, mailing a check, something in other countries people wouldn't even think of), ...


41

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" to get them to do more illegal things. Or required to turn over his email, etc. to the authorities so that they can communicate with the "employer" and get them ...


35

All the other answers here are correct, but I'll add one more perspective. I am a business architect at one of the world's largest retail banks. Every day I experience the frustration of trying to get large-scale corporate IT to do anything, so I feel that your question is just one facet of the wider question: "why are banks so old and busted?" While it's ...


35

quid has expressed some of the disadvantages with this approach, but there is another. Vendors will not want to give you any goods you buy with your credit card until they are sure they will get the money. With your suggested approach buying something with a credit card now looks like: Vendor runs the credit card and have you punch in your PIN. Vendor waits ...


32

It is a scam, other people have given lots of details why. But online access password Is ONLY of use to someone that wishes to steal your money. Just including it in the requested information is enough to make it clear it is a scam. To deposit money into someone accounts only needs. bank name (can be got from routing no) bank address (can be got ...


29

Another reason for banks to push this is sitckyness. Once you have all of your bills setup, its more trouble to change banks. This reduces the customer turnover rate, which lowers their costs.


28

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 original transfer is reversed for being fraudulent (or even worse proceeds from an illegal act) the money will be reclaimed from your friend's account. They will ...


27

I've only tried this on the UK HSBC website / updated May 2017 After sitting on the phone for about a half hour I got instructions and want to share them to stop anyone else going through the same rigmarole I did. First, you will need: Your Credit Card Number (the long 16 digit one, no spaces, can be found on the dashboard under My accounts) Your Secure ...


25

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 off the one-time passwords they were asking for. This was a social scam, not a technical scam. On the other hand, it seems like they were targeting the ...


24

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 prevention of money laundering are currently the biggest delayers when it comes to electronic transfer of funds, checking that the transferring party has the funds ...


23

Credit card fraud is an extremely (to stress, EXTREMELY) small proportion of total credit card transactions. The card issuing entities all offer zero fraud liability, even on debit cards. There are millions of transactions every day and fraud loss just isn't worth developing, and supporting, an additional authentication layer that faces the consumer. To ...


22

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, so you need to address issues of trust and double-spending. To minimize the necessary transfers it may make sense for a bank to collect some more orders and ...


22

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 the beginning of the billing cycle, that's at least a month before you pay, but even in cases where you make purchases at the very last day of your billing cycle ...


17

I would say a lot of the answers here aren't quite right. The main issue here is that banking is a highly oligopolous industry - there are few key players (the UK, for example, has only 5 major banks operating under a variety of brands: it's all the same companies underneath) and the market is very, very hard to enter owing to the immense regulatory burden. ...


14

Most transactions that the bank performs for you are electronic ACH transactions, so the costs to them are minimal in the long run. Most banks do it now to keep up with the competition. Almost every bank does it now, so they have to do it to attract new business and keep existing customers. Also, the more you rely on the bank and use them to pay bills, ...


14

Criminals seek people who want to give or sell their bank accounts so that they can use the accounts for money laundering. One such group are students who are known to sell their accounts on after they graduate. Once the criminal has a bank account they can insert money into the financial system and make it appear legitimate. Don't do it, report it to the ...


14

OF COURSE it is a scam --- DO NOT give ANYONE your banking login -- to pay money TO you, all they need is your bank account number (8 digits) and sort code (6 digits) - NOTHING ELSE. If he's asking for your login, he wants to STEAL your money. As others said - stay away / report to police. Good luck


13

It all depends on the merchant. When you charge your card the information goes through but it waits for the merchant to send the info/confirm the charge before it shows up on your online activity. For example: I use Intuit to accept CC payments. When I charge an Amex the info is sent to Amex on the spot which is why your credit limit updates immediately but ...


13

One reason why they limit it is to protect you. If I hack your account, I get your entire financial history. I can see a copy of every check you ever wrote. I can see the account number with every doctor, utility, and credit card. I can also see the account information on the back of those checks for all your relatives who you sent $10 for their birthday. ...


13

As other people already replied: it's a scam. Now you ask: "what can he do?" He needs to alert the authorities, explain that he was unaware of the fraud, and ask the police what he can do to help stop it. The police may be able, with his help, to stop it and arrest the scammers. At a minimum, he can escape legal prosecution against himself.


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