Tag: IPID

Scammers Making millions with mt103 software on P2P platforms and more is no suprise, here is how they do it, they will engage in a contract or business partnership with their unsuspecting victims, either you’re selling goods, or you’re offering a service, most of them dwell on crypto exchange, they buy crypto currency (a digital asset) and pay with mt103,

Further BreakDown of How Cyber criminals buy crypto with mt103

They (buyer) will appear as buyer of your digital asset while some will use it to for other various things and after they pay their victim (seller) of digital which the victim confirms payment has been received and releases the digital asset to the buyer (the cyber criminal) that’s it, let’s dive more deep on “How Scammers Make Millions With MT103 Software”, shall we? Okay!

Completed Transaction

How P2P Digital Crypto Traders Lose Millions To Scammers

These cyber criminals will open a trade as buyer of digital asset from their unsuspecting victims on any platform such as Binance, Kucoin and more, after they open trade to buy Bitcoin or USDT they will then pay their victim (seller of digital asset) which the victim will confirm receiving payment from the cyber criminal and releases the digital asset to the buyer (cyber criminal) that’s it,

Pay Attention! 

Sometimes they use the flash option to pay these digital assets sellers and disappear.

What Happens After That?

whatever happens or issue with the payment and withdrawal that comes up next or afterwards is all on the victim to deal with, this has led many to huge loss all over the world making many of their victims to lose so much money in such wired advanced scam.

The above screenshot shows a failed transaction, this occurs after the banking system flags the transaction (Flash funds payment), the transaction will be rejected leading to beneficiary having issue with bank and losing both funds and bank account.

2 commonly used MT’s

There are many types of MT’s and they all vary from MT103 type to MT202 type ranging from different methods, it all depends on what the scammer that is targeting anyone/whoever is using, most times they use flash options.

Types of Flash Funds Break Down

• • Local payment (NIP/INTER-BANK/NATIONAL): local payment is when you want to pay someone in South Africa and you are also living in South Africa then you want to pay the person (local bank transfer) in this case the flash funds will reflect instantly immediately after initiating it

• • Cross boarder payment: cross boarder payment is when you live for example in India or any other country in the world excluding North Korea and you want to pay someone in Australia (it can be tagged “swift payment“) In this case the flash funds payment will not reflect instantly because it is cross boarder payment and will take two to three (2-3) business days to arrive to beneficiary’s bank account and will hit the available balance.

Most of these scammers set this payments and configure before they begin the transaction initiation using the MT103 Flash Funds Payment system.

Security Of Flash Funds

Most of these criminals don’t use security for it while some does, depending on the particular software the criminal is using because some of these softwares they use are built with security as one of the priorities for these cyber criminals.

What’s Difference Between Fake Bank Alert And Flash Funds?

The difference between the two; “Fake Bank Alert” and “Flash Funds” is clear and not something anyone can be confused of,

Break-Down Of Flash Funds and Fake Bank Alert Difference

Fake Bank Alert: This means it will be just mere fake credit alert and won’t reflect on the victim’s bank account available balance, it will not even be anywhere near to looking authentic because for any scammer who wants to do fake Bank alert to who they are targeting as their victim they will need to obtain the following informations;

• • Bank account details

• • Phone number (the number the account holder use to receive bank alerts with

• • E-mail address (the email the bank account holder use to receive his/her bank account related activities)

What Does the Scammer need the above information for?

The scammer need the above informations to use them and send you fake bank credit alert using Fake Bank Alert platform, now take note, even if the scammer is able to obtain the above information what about the current figure the target has as his/her available balance? here is where they can easily be caught by whoever they want to defraud,

Let’s say for example; you have over one million euros in your Bank account available balance and a scammer who wants to defraud you with fake Bank credit alert sent you fake alert and you are seeing one hundred thousand as your bank available balance would you foolishly fall for it? The answer is no, and it will only raise more of your suspicion to check further.

Flash Funds (MT103 Payment System)

This means, it is not a mere fake bank credit alert because for any scammer to do flash funds transaction they just need your basic bank account info that is required for normal bank transactions,

They don’t need any of the following three (3) informations;

• • Your Phone number associated with your bank account

• • Your E-mail address associated with your bank account

• • No need for them to know your bank account available balance figure,

The software they use will handle the rest using just your basic bank account details, they will send any amount you and them agreed on or you want to sell your property either it’s digital asset or physical produce, it will reflect on your bank account and update your current available balance whereby you will never be suspicious of the scammer until your business transaction with the party is closed and they have moved on, when you will realize you have been scammed is when issues arises with the payment not being posted bank the beneficiary bank (your bank) because your bank will deem it suspicious or inauthentic transaction and will reject it.

If you are an active P2P crypto trader/user you must have encountered a situation whereby someone buys digital asset from you and paid, afterwards bank blocks your bank account and tagged it “suspected of fraudulent activity” or the payment you actually confirmed by yourself with your very own clear eyes is no where to be found anymore in your account, if you’re experienced crypto trader you must have experienced this.

If you have experienced it, there’s ninety nine percent plus (99%+) probability that the person is a scammer and whoever the person was used flash funds software to pay you, most of the Fake bank alert apps they use can be found on public domains while the flash funds softwares are not found on public domains.

Where Does Cyber Criminals Get Flash Funds Softwares?

They use mostly MT103 software with flash enabled, for cards they request add-ons;

1. 1. MT103 Software – this software gives cyber criminals more ability to do more harms to innocent unsuspecting victims of their malicious activities such flash funds (flashing money that will reflect on the bank account available balance of their victims), taking out money from people’s cards, h*cking, cloning and many more.

Most of these scammers use this that comes with offshore account to receive payments, They’re able to receive fraudulent payments from their victims or scams partners from abroad using offshore bank account because it provides them offshore bank accounts for them to use,

Do they have full access to the offshore bank accounts?

Yes, they do have full access to the accounts such as internet banking and mobile app banking, pin, password and e-mail address. whenever they receive payment to these accounts they mostly use it to buy digital assets such as Bitcoin or USDT stable token while some will transfer it and use it as they please.

How MT103 Swift Flash Funds Works

The flash funds with encryption is a way of scrambling payment so that the banking system can only verify the authenticity of the payment after a designated time frame. The banking system will process the payment in hibernation but will intercept it when the designated time frame has elapsed. In this way, the payment will be rejected and user balance will not remain updated.

The MT103 flash funds payment system works by establishing payment in an encryption flow between the beneficiary banking system and the MT103 flash funds server. (MFFS often use the JOIPsc or SVVER/PYTT protocols.) All outflows from the system are to be checked of authenticity after designated timeframe,

Does Flash Funds Require VPN?

It has an inbuilt VPN security and it is highly recommended to turn off all VPN or securities on computer the software is running on, the VPN connections remain private. Imagine josh paying itrona from Canada to Holland using his MT103 flash funds software, the VPN connects automatically so that he can infiltrate the beneficiary bank server that is in a foreign land away. Suppose all of his payments to the beneficiary, as well as the database’s responses, travel through an intermediate Internet exchange point (IXP). Now suppose that the criminal (Josh) has already infiltrated this IXP and his payment is passing through a secure connection because of the VPN. All the bank can see is an inflow and will record it because banking system works with records and this inflow is incoming in an encrypted mode that can’t be detected but after the designated time frame the inflow (payment) will be rejected and tagged failed or user account will be deemed (engaging in fraudulent activity) which will be a move for the bank to block the account terminating future risks.

Flash Funds using the MT103 Payment System is not limited to only flashing money into bank account available balance, it can also be used to funds your sports betting account, the following screenshot of a sports betting account funding got flagged and rejected by the banking system after a designated time. Hit the contact button below to contact support if you have inquiry or want to get the MT103 software.