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How Foreign Scammers Use U.S. Banks to Fleece Americans; Bank of America allowed hundreds of unverified customers to open accounts, including 176 who claimed the same small home as their address. (www.propublica.org)

submitted 1 month ago* (last edited 1 month ago) by Pro@reddthat.com to c/news@reddthat.com

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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.

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