Tuesday, March 10, 2009

Credit Card Remittance Scam

Here's a warning to those people fond of making a few savings from sending money to the Philippines:

A modus operandi of scammers using stolen credit card information to send money to the Philippines and beyond:

How do the miscreants behind the credit card fraud do it? The scums do it by setting up entities claiming to be remittance service providers in connivance with unscrupulous individuals outside the Philippines. Their "foreign" partners send money to the Philippines by using stolen credit card numbers and information thereby defrauding unknowing cardholders.

The scheme is made complicated by doing fraudulent money transfers by agents in an initial recipient country like the Philippines, then send the money to another country where the final recipient is located, making the Philippines sort of a "trans-shipment point" of stolen funds.

In the process, the recipient can receive the money sent to him/her but at the expense of the credit card holder.

Lesson: In sending money to the Philippines, choose legitimate remittance companies and just fly-by-night ones. You might find yourself in the middle of an investigation if you're not careful.

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