How scammers use offshore bank accounts to receive payments from abroad

Have you ever wondered how scammers often wipe off traces of fraudulent payments they received from their victims? Well, that is why we have come up with this article to educate you on how scammers use offshore bank accounts to receive payments from abroad, most professional cyber criminals use offshore bank accounts to take payments while some newbies without knowledge of safety first always risk thier freedom by using their personal bank account to receive payments from their victims.

Before we dive deeper, allow me some seconds to break what the term “offshore bank account” actually means because it has two different understandings,

What Is Offshore Bank Account?

When the term “offshore bank account” is mentioned in the dark web it means “bank account that is not on your name and can be used by you receive payments from anywhere in the world. Then, generally offshore bank is a bank that is operated and regulated under international banking license (often called offshore license), which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment.

Due to less regulation and transparency, accounts with offshore banks were often used to hide undeclared income. Since the 1980s, jurisdictions that provide financial services to nonresidents on a big scale can be referred to as offshore financial centres. OFCs often also levy little or no corporation tax and/or personal income and high direct taxes such as duty, making the cost of living high.

With worldwide increasing measures on CTF (combatting the financing of terrorism) and AML (anti-money laundering) compliance, the offshore banking sector in most jurisdictions was subject to changing regulations. Since 2002 the Financial Action Task Force issues the so-called FATF blacklist of “Non-Cooperative Countries or Territories” (NCCTs), which it perceived to be non-cooperative in the global fight against money laundering and terrorist financing.

An account held in a foreign offshore bank is often described as an offshore account. Typically, an individual or company will maintain an offshore account for the financial and legal advantages it provides, including but not limited to:

• Strong privacy

• Including bank secrecy

• Little or no corporate taxation via tax havens.

Protection against local, political, or financial instability. While the term originates from the Channel Islands being “offshore” from the United Kingdom, and while most offshore banks are located in island nations to this day, the term is used figuratively to refer to any bank used for these advantages, regardless of location. Thus, some banks in landlocked Andorra, Luxembourg, and Switzerland may be described as “offshore banks”.

Offshore banking has previously been associated with the underground economy and organized crime, tax evasion and money laundering; however, legally, offshore banking does not prevent assets from being subject to personal income tax on interest.

Except for certain people who meet fairly complex requirements (such as perpetual travelers), the personal income tax laws of many countries (e.g., France, and the United States) make no distinction between interest earned in local banks and that earned abroad. Persons subject to US income tax, for example, are required to declare, on penalty of perjury, any foreign bank accounts, which may or may not be numbered bank accounts—they may have.

Offshore banks are now required to report income to many other tax authorities, although Switzerland and certain other jurisdictions retain bank secrecy regimes that can be more difficult to deal with. This does not make the non-declaration of the income by the taxpayer or the evasion of the tax on that income legal and many OFCs have recently been important colleagues to onshore tax authorities and law enforcement against wrongdoers.

Following the 9/11 attacks, there have been many calls to increase regulation on international finance, in particular concerning offshore banks, OFCs, crypto currency and clearing houses such as Clearstream, based in Luxembourg, which are possible crossroads[citation needed] for major illegal money flows. Most criminality involving the banking system has happened because of the regulations and controls being circumvented.

Now back to how scammers use offshore bank account to receive money, but before I break it down in simple steps let us put you through how scammers get offshore bank account using two types of means such as;

1. Obtaining offshore bank account through romance scam
2. Obtaining offshore bank account through purchase of it

How Does Scammers Get Offshore Bank Account?

scammers either buy offshore account or use someone to get it without the person having idea of what they want to use the offshore account for, most of these scammers get offshore bank account through romance scams,

What Is Romance Scam?

Romance scam is when a criminal or cyber criminal uses a fake online identity to gain a victim’s affection and trust. The scammer then uses the illusion of a romantic or close relationship to manipulate and/or steal from the victim.

through this method the scammer will manipulate the victim to open a bank account for him/her, some of them will give some cash to the victim to make them feel more comfortable after the account is open then they will use this account to commit fraud.

as explained on above paragraph, some cyber criminals get offshore account through romance scam while many just buy offshore bank account to save themselves the hassles of going through the stress of engaging on romance scams.

Disadvantages And Advantages

have in mind that both ways have their advantages and disadvantages and I will explain further below;

Advantage Of Buying Offshore Bank Account

the advantage of buying offshore account is because these offshore accounts that are being sold belongs to deceased persons (dead people), in this case you won’t have to worry about anyone betraying you by logging in and sending out all money you received to the account because they own it and have full control and can restrict it themselves.

Disadvantage Of Buying Offshore Bank Account

The disadvantage of buying offshore bank account is that it is mostly expensive to buy and you will have full control over it.

Advantage Of Getting Offshore Bank Account Through Romance Scam

the advantage of getting offshore bank account through romance scam is that you won’t have to spend a dime getting it, you only give the romance scam victim some cash which will not even be up to twenty percent (20%) of what you will use to buy the offshore bank account anywhere.

Disadvantage Of Getting Offshore Bank Account Through Romance Scam

the disadvantage of getting offshore bank account through romance scam is that in the future you may fall out of agreement with the victim you’re having romance scam with through internet and the person may decide to shut you out of the account, in this case you may have received payment at that moment and won’t be able to access it because you have been signed out of the account, what if the romance scam victim demanded you see him or her in person? Whoa 😮 that’s a problem then.

10 Steps On How Scammers Use Offshore Bank Account To Receive Payments

Below are 10 steps scammers use offshore bank account to receive fraudulent payments from anywhere in the world;

STEP ONE (1): scammers either obtain offshore bank account through romance scam or buy it

STEP TWO (2): scammers will then have full access to the account by themselves or use a third-party as the middle person via a proxy method (you receive and send to me)

STEP THREE (3): scammers will then strike off a business deal with intention to defraud the person

STEP FOUR (4): when the fraudulence has been effected perfectly and the victim is ready to pay, the victim will then request for account to pay to

STEP FIVE (5): the scammer will then forward the offshore bank account to the victim who will now make payment into the bank account

STEP SIX (6): the victim will then pay into this account and forward payment receipt to the criminal

STEP SEVEN (7): the criminal will now confirm payment by himself or ask the third-party who’s in control of the bank account to check for inflow of the payment from his or her victim

STEP EIGHT (8): after payment has been confirmed, the scammer will now revert to the victim by confirming he or she received the payment successfully

STEP NINE (9): now the scammer will use the funds to buy digital token such as crypto currency on any crypto exchange that accepts bank transfer as payment method such as Inflowbit, binance and bybit,

STEP TEN (10): after buying digital token with this funds the scammer will then transfer it to five (5) different platforms and then back to a different exchange where he or she will sell the digital token to his or her personal bank account.

Why Buy Digital Token With The Funds And Move It To 5 Different Exchange Platforms?

Because through this method the personal bank account details and information of the scammer will never be traced, all traces have been off the trace hooks.

Where Do Scammers Buy Offshore Account?

If you’re looking to buy offshore account you can get it on the dark web, for inquiries or need help to get one you can be free to contact us right away and we will guide you, I hope this helps and ensure to spread the love. 🖤