The stolen funds are often whisked to overseas accounts or laundered through cryptocurrency wallets, which are quickly emptied.
For nearly three months, Mr Barry Heitin, a 76-year-old retired lawyer, thought he was part of a government investigation that felt like something out of the movies. But he was actually assisting criminals in stealing hundreds of thousands of dollars – of his own money.
Mr Heitin was one of many people interviewed by The New York Times who were ensnared in scams so elaborate that it is as if they were created in a writer’s room testing different plot devices. Scammers can impersonate government officials, tech support staff or love interests.
Smith said he had identified two US$10,000 transactions for purchases of child sexual abuse imagery through a site in China. He peppered Mr Heitin with questions. “Ever been to China? Know anyone in China? Buy anything in China?” He began withdrawing his retirement money and other savings, transferring them to what he believed was a secure place, largely using Bitcoin, automated teller machines and wire transfers to other accounts.
His adviser didn’t buy it. The bank made some calls – the property had not been sold, it told him. There hadn’t even been any inquiries. “This type of activity is a classic sign of potential money-laundering activity and should have raised red flags,” said Mr Robert Rabinowitz, Mr Heitin’s lawyer, who is trying to help him recover some of the funds.
Singapore Latest News, Singapore Headlines
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