Call for more regulation regarding money transfer firms

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Posted: Thu Nov 13, 2008 1:17 pm

Here's a story about fake landlord scams that was reported on BBC radio five live earlier:
http://news.bbc.co.uk/1/hi/uk/7726146.stm

The scam part is known to most of us, but there is talk about tightening regulation for Westy and Moneygram transfers. Both companies insist they take fraud very seriously. Rolling Eyes

Not quite a Newb Joined: 07 Aug 2007 Posts: 62

I saw the report on the BBC24 news channel ( all 2 minutes of it Rolling Eyes

)

I've never seen the topic covered much in the mainstream media at all. I remember they ran a series of public information broadcasts a few years ago ( Catchline : If it seems too good to be true, it probably is! ), but it was done in such a jokey, half-arsed manner that probably nobody took it seriously.

Maybe 419eater should start sending press releases ( any takers Laughing

)

Posted: Fri Nov 14, 2008 5:38 am

^^ Regarding press releases, when I was in Ireland, I did a few hours one night on MidwestIrishRadio.com, about scammers, and also a few articles in the Tullamore Tribune about scams

I did pilfer a lot from Scamwarners, which I blatently plagirised and adapted for the Tribunes readers.

I'm working at present on a series for the local paper here, they want it in a weekly format, with a first intro about all the scams, then a series follow up each week on each different type.

Quote:

Maybe 419eater should start sending press releases ( any takers )

You mentioned it, you go and do it.

My advice is to just go and do it, if you have doubts or questions, visit Scamwarners, and the nice and helpful people there will guide you along.

I've found that leaving out 419Eater is preferable, there is another thread in here that shows what some journalists make of what we do, ladhuggers and left wing social do-gooders always think we are too hard on the lads, so it is best in my opinion to stress the warnings and data in Scamwarners, rather than the retribution in here.

Posted: Fri Nov 14, 2008 11:16 am

On the subject of regulation, I understand there is an EU directive and in the UK WU, Moneygram, Paypal etc will be regulated by the FSA by late next year.

Some info here: http://www.iamtn.org/content/mp-kitty-ussher-uses-gcmt-announce-fsa-regulate-payment-services-directive

I don't know what it will mean wrt fraud etc, but I do foresee a range of extra forms to be filled in...

Not quite a Newb Joined: 07 Aug 2007 Posts: 62

Quote:

You mentioned it, you go and do it.

If my communication skills were any better, then I would. I'm not overly confident of them...that's why I asked if anyone ( except me) would like to do it. Laughing

But , you're right, I should maybe follow your route. Start at a local level, it would maybe give them something to write about other than a cat stuck up a tree.

It would be nice if you could mention your 419eater credentials. I know it's better to stay anonymous, but it's not like it's a dirty secret.
Very Happy

Say it loud and say it proud Very Happy

And to hell with the PC lad huggers.

My final point is that it should take more than a 25 post newbie to do this, a veteran in the group would have more clout.

Posted: Sat Nov 15, 2008 1:38 am

The amazing thing is that the laws regarding money laundering and terrorists cash are amazingly strict in the UK, and yet the existence of MG and WU makes a complete nonesense of them.

It used to be the case that you couldn't take more than $10,000 into the USA so why not just send it to yourself by WU. You may have to cut it into chunks of about $8,000 depending on local regulations, but once you know the rules, you use them to avoid the law.

The whole point about WU and MG is that they are movers of anonymous cash, so how they can be regulated is beyond me.

Posted: Sat Nov 15, 2008 5:13 am

Late last I received a standard unsolicited scam from Ghana, except that one has an MTCN and sender's name that the sender , that the lad (Jubilee Godwin.Barrister Mark Randy) asked to be tracked on the legit WU website. Sure enough, it came right up "available for pickup"

I reported it to WU this morning using their "contact form" and received a reply this afternoon. According to them "transfer is not available at this time" and sure enough when I tracked it again, it was marked "picked up".

Their other advice....to contact FBI Internet Fraud division. Rolling Eyes

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