Does money laundering really only rely on cash?

Tens of billions of funds flow through telecommunications fraud every year. Do all of them really end up going abroad?

Not really. Because the methods of money laundering have evolved a lot, many people are still stuck in the money laundering mode of a few years ago. Little do they know that the money laundering methods of scammers have been upgraded countless times.

First of all, most of the money obtained through fraud actually stays in the country. It is not easy to directly transfer this money abroad. The country's foreign exchange control is very strict, and it is impossible to transfer large amounts of money without attracting attention. So how does this money become "clean"? It's simple - money laundering.

The early method was mainly to continuously transfer funds between multiple bank cards and finally withdraw cash. The operation was simple and crude. But with the introduction of cash withdrawal limits, card freezing and other measures, this method is no longer feasible.

Now what's even more disgusting is that the debit card will be frozen, but the credit card will not. Some scammers take advantage of this and combine domestic payment loopholes to launder money. There are so many domestic payment companies that POS machines can handle transactions without any review and no one supervises them. Scammers transfer the money to a credit card and immediately withdraw the money by swiping the card or using a shopping card. For example, if you cooperate with a merchant, you can immediately swipe your card to buy a shopping card after the money comes in, and then the merchant will buy it back at a 30% discount. The process is flawless and almost imperceptible.

What's more, if you overdraft your credit card and use the fraudulent money to pay off the card, the bank will assume that this is a normal repayment operation. Even if the account is frozen, the bank will not pursue you.

Another way to launder money is through the use of virtual currencies. Digital currencies such as Bitcoin have long become typical tools for money laundering, as well as 10x coins, 100x coins, etc. There are likely to be secret operations of funds behind these coins.

For example, some people will pick an unpopular virtual currency and agree to buy it at a very low price. For example, they will spend 300,000 yuan to buy 30 million coins, and then conduct a series of operations to raise the price to 1 cent. The amount of money increased 100 times in a short period of time, and 300,000 yuan instantly became 300 million yuan! With such a simple operation, there is no need to go abroad and the funds will be laundered. $ETH $BTC $SHIB #美国8月核心PCE创4月以来新高 #美国二季度核心PCE符合预期 #你有多少HMSTR？ #币安上线CATI #PayPal将允许美国商家交易加密货币