How Foreign Scammers Use U.S. Banks to Fleece Americans
www.propublica.org
Asian crime syndicates’ online scams have reached industrial proportions, cheating victims around the world out of more than $44 billion a year. U.S. banks have been unable to stop them.
  • Struggling Gatekeepers: In the face of some $44 billion a year in pig-butchering scams conducted by Asian crime syndicates, U.S. banks have failed to prevent mass scale money laundering.
  • Black Market Bank Accounts: Chinese-language Telegram channels offer to rent U.S. bank accounts to pig-butchering scammers, who use the accounts to move victims’ cash into crypto.
  • One Address, 176 Clients: Bank of America allowed hundreds of unverified customers to open accounts, prosecutors alleged, including 176 who claimed the same small home as their address.