Unmasking the money: The underworld of ‘dummy accounts’ in illicit finance

[webfact]

 

A bank account referred to as a dummy account is typically held by a person who is not the actual owner. These accounts are commonly used in illicit financial activities such as fraudulent transfers, gambling, drug trafficking, or money laundering.

 

Dummy accounts can be obtained in two main ways:

 

1. Paying someone else to open an account.
2. Deceiving or stealing someone’s personal information to open an account.

Fraudsters often use these accounts to trick victims into transferring money via their debit or credit cards, pretending to need payment for goods or services. In reality, this is a scam to illegally profit from the transferred funds.

 

by Samantha Rose 

Photo: by Jefferson Santos, on unsplash.

 

Full story: The Thaiger 2023-09-28

 

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[SuperSaiyan]

Or at a larger scale, it's used to offload loss into a different account.

 

Good movie: Rogue Trader (1999).

Edited September 27, 2023 by SuperSaiyan

[hotchilli]

1 hour ago, webfact said:

Dummy accounts can be obtained in two main ways:

 

1. Paying someone else to open an account.
2. Deceiving or stealing someone’s personal information to open an account.

Or in the case of influential persons having a family member open one.

[mikebell]

The alternative is to buy land with the money you dare not put in the bank (in your own name).  How else to explain the myriad of building plots springing up all over Pattaya?

[bamnutsak]

I wonder how high up the corruption goes within the Thai banking establishments?

 

 

[ChipButty]

1 hour ago, hotchilli said:

Or in the case of influential persons having a family member open one.

Or the Mia Noi's open for them 

[ChipButty]

8 minutes ago, bamnutsak said:

I wonder how high up the corruption goes within the Thai banking establishments?

 

 

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