The 'Sale' of a Bank Account
Journal of Contemporary Roman-Dutch Law, Vol. 78, p. 104-115, 2015
12 Pages Posted: 14 Aug 2015
Date Written: February 13, 2015
The internet is often used to perpetrate frauds on unsuspecting victims. Fraudsters use the internet to get hold of someone’s banking details or to persuade some unsuspecting victim to make a payment to the fraudster as a result of some misrepresentation or “scam”. Most of the internet users have at some stage “won” some prize for some competition they have not entered for. The whole purpose of these bogus prizes is either to get hold of your banking details or to “convince” you to make some payment in the hope of claiming the “prize” For this scam to be “successful” the fraudsters need a bank account into which the proceeds of the scam have to be paid into so that they can “profit” from their ill-gotten gains. It would be a very dumb fraudster who uses his or her own identity to open a bank account for fraudulent intentions. The whole purpose of the Financial Intelligence Centre Act of 2001 is to make it more difficult for fraudsters to open new bank accounts. Lately, fraudsters have devised a new plan to trap unsuspecting victims: they simply “buy” a bank account from an existing client or they “persuade” somebody who is in dire need of money to open a new account with a bank. This account is then used as a conduit to “scam” other unsuspecting victims of internet fraud.
Keywords: internet fraud, sale of bank account
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