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Getting yourself involved in money transfer plots leads to empty bank accounts.

Although there are many dangers in falling victim to any money related scheme, some have proven to be more damaging than others.  One of the most financially damaging plots is the money transfer scam.  This trick involves someone offering you a commission to simply receive money into your bank account and transfer the funds to another.  The commission usually ranges anywhere from 7 to 20 percent of the amount transferred.

The lucrative scam scenario

The money transfer scam has been in practice for sometime now.  It involves many different forms of communication such as mailed letters, emails and tape recorded messages.  The theme of this scam usually revolves around a malicious individual who needs aid in transferring money out of their country.  This requires a probable victim to exchange or deliver U.S. currency in order to receive their share of the profits. 

The proposal of such a high rate of commission should instantly raise a red flag.  Just think about it - why would anyone be willing to be pay that much money to transfer money out of their account when they could save a few dollars by doing it themselves?  Many times, these scam artists will claim that they are attempting to elude tax penalties in their native countries or regulations set in place by their bank.  Regardless of how believable these claims may sound, it is nothing more than a scam.  

Numerous money transferring schemes originate via email or rogue web sites.  These scam artists are intent on persuading individuals into providing bank account details to receive stolen money; funds thieved from other unknowing online banking consumers. 

The growing number of Trojan and keylogging exploits has contributed to consumers having their banking details captured via internet.  When this information becomes known, the offenders typically look for a foreign bank account to the laundry the money through.  Once the money has been transferred, the account holder is then instructed to keep the negotiated commission and pass the remaining funds to a previously arranged overseas location.  

Falling victim to a money transferring scam puts you at the risk of having your account wiped clean.  The best protection is to never reply; if not, you will more than likely encourage future attempts.  

Protecting against money transfer scam artists

If you happen to know anyone who has become involved in this type of arrangement, encourage them to make a report with their local authorities.  Laws against fraudulent money transferring and laundering are rather strict - an opportunity such as this will never be worth the risk of criminal prosecution and probable jail time. 

A few companies have established secure policies to prevent money transfer scams.  Western Union is one such company who has build a solid reputation of being a fast, safe and reliable way to transfer money.  Thanks to modern technology, they allow you to easily send money from your home with a credit or debit card.  

For some, money transfer is a fast, convenient and secure method of paying for products or lending aid to a loved one.  It has also become a way for treacherous individuals to persuade greedy or uneducated people into committing serious crimes.  Remember to use good judgement and never put such trust in a stranger when your money or freedom is on the line. 

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In 2003, more than 10 million Americans fell victim to identity theft.

Identity theft costs business and individuals $53 billion dollars annually

In 2003, Americans spent 300 million hours resolving issues related to identity theft.

70% of all identity theft cases are perpetrated by a co-worker or employee of an affiliated business.