Financial Scam is On It’s Hike & Actually No One Cares About It | Know How?

I am a Service provider and I'd to take money and they snatch money from our bank account - How? Because of Banking Loopholes - Navneet Kumar, Founder of HSIM India Federation.

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Financial Scam is On It's Hike & Actually No One Cares About It | Know How?

A guy name Michael, contact on freelancer.com, tells about their project requirements and asked about getting orders through cheque.

Generally, we count cheque as a safest mode of the payment but that’s not true and the hilarious part is, even Bank of America or US police don’t care about it.

Know About The Incident Here…

“Return Item Chargeback” so this is a weapon of cheating. To understand this weapon of cheating, you need to understand “ChargeBack”

Basically, A chargeback is a consumer based activity where scammers shows themselves as a consumer and then once they get things of their choice, they refuse to make this payment or in other words, you got scammed with the words “Return Item Chargeback”.

See “How the overall process works?”

  • Firstly, cheque will come to you.
  • Bank of America will issue temporary payment to your account so that you can use it straight away.
  • & then Scammer will come to you, show some urgency and you will start making payment on their sources.
  • So, payments are done and Now, it’s time to cancel the cheque!

Scammer will file a chargeback and payment will be disappear from your account. To understand this,  check out the screenshot given below:

Scammer Alert : Return Item ChargeBack

Even, he asked for further payments with his ID proof and photo. We have his phone number, address, ID proof and still can’t do anything about it.

Name: Michael
Phone Number: +1 (908) 941-0566

Address: 1072 Lancaster close,Lawrenceville,GA,30043-5342.

He asked us to make payment here:

  1. Ashley Dheel : [email protected] via Zelle

Now, if you visit bank or police station, it doesn’t matter because they don’t care about it. Or Mind you, I am not talking about police of developing countries, I am talking about US law enforcement.

Why Did They Accept Payment on a Cheque Mode?

When “Navneet Kumar” asked him to make payment via bank transfer, he said us that he is having issue with his wife and can’t use bank details so he is using offshore account.

Check out the image given below:

Here was the breakdown of payment:

What Navneet Kumar Said About This Incident?

Being a buyer, I’ve seen lot of scams. It was the first scam of my life where I was a seller and I was dealing with the citizen of US.

“Even a US citizen can scam or us bank & law enforcement don’t do anything about it” made me a realize that none of the police or government could help you with payment related stuff so you need to go through with it in one or other way.

Citizens of any country can’t do anything about it. they just need to bear it like us. 

What’s Learning Here?

It doesn’t matter whether you share your cvv, otp or other personal details or not, scammers use loopholes of a system and always enjoy the snatching money.

Regarding this Incident, I aware you about

  • Always ask your bank whether the payment is fully processed or not? especially, if the bank’s name is “Bank of America”.
  • Consider checking the cheque thoroughly. It shouldn’t be from third party. 

  • If the payment is fully processed to you, then start using it. Don’t use temporary cash during the process.
  • Don’t rely on Police whether it’s Indian, US or any other country police. Police are not meant to solve your problems.

My Advice to Bank:

As this happened, we informed to bank and in this case, they should seize that amount (wherever they are) till the time of enquiry. They should enquire, study the case and then process the payment.

and Yes, there should be minimal fees against it (can be 20-30% to 2-3% of the amount considering the size of transaction).

My Question to General Public:

Isn’t it intentional that our police are doing nothing in such cases? How a one could scam so easily and how a police could be so careless about it?

When we have each & every proof to show, why can’t they put hold on those bank accounts where the scammers took payment, why they can’t trace scammers.

All are bullshits! Till the time, scammers are using loopholes, no one can do anything and Now, it’s hard to decide –

Which payment method is safer to use even we are taking payment for projects?

Kindly share this incident so that you or none of your friends, business partner face such issue or if you can do anything around it, contact us at [email protected]

As I could see loopholes in Government banking systems, Why don’t choose virtual currency. We use banks to secure our money while depositing, sending or receiving money but when they are not capable enough, just don’t use third party banking system.

Use blockchain based crypto coins to send your money. At least you can’t complaint!

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