This year, the international remittance fraud cases are not a few, there are a number of remittance companies frequently got involved into scam cases. The actual fact is that the actual money is actually a lot more than the actual amount of money that you'll be able to spend on your own!

 

Panda Remit is also here to make a solemn statement: we will actively respond to the national policy, with the countries / regional regulatory bodies, together to prohibit financial fraud!

 

To this end, Panda Remit sums up a typical set of fraud, I hope you more keep an eye out, be vigilant, to avoid stepping on the pit by fraud!

 

 

Hong Kong:

 

two scams in one case

 

In June of this year, in Hong Kong, some people are looking for private exchange, was cheated 100,000 yuan!

 

A brief overview of the fraudster's “Godlike” operation:

 

Liar in a different Weixin group plus the netizen A and netizen B for their friends, and about the time and place offline exchange of money.

 

Netizen B take cash to netizen A, netizen A transfer to netizen B, but netizen B has not received money.

 

This wave of operation, so that netizen A and netizen B have become victims - netizen A transferred the money into the fraud account, resulting in netizen B has not received the money.

 

In the process, everyone thought they were scammed by the other side, not realizing that there was a third-party scammer. Even the police can not help but feel that this scam is too smart.

 

 

The United States:

 

private exchange of foreign exchange, almost end up dead!

 

In October, according to U.S. media reports, two Chinese men in Long Island City, Queens, New York, were ambushed, beaten and robbed because of the exchange of foreign exchange, and were robbed of 34,000 U.S. dollars by the robbers.

 

Here's what happened:

 

The two Chinese men initially saw someone exchanging foreign currency on Weixin, and happened to want to exchange their US dollars for Chinese yuan, so they agreed on a time and place to meet online.

 

While they were talking face-to-face and preparing to exchange money, two other men suddenly appeared behind them and attacked them directly: first, they hit the victim on the head, and then snatched his backpack, which contained 34,000 US dollars and was directly robbed.

 

The Chinese man who exchanged the money also ran away...

 

According to the investigation, the Chinese man who came to exchange money and the two who robbed him were a gang. The three have long planned this drama, in order to rob money, before the Weixin exchange message is also in order to lure people on the hook.

 

The Chinese Embassy in the U.S. has recently issued a notice reminding Chinese citizens to beware of fraudulent traps!

 

 

Australia:

 

The “reliable exchange” on Xiaohongshu is really unreliable!

 

In Australia, many international students will use the small red book, known as “100,000 how to do” on the small red book, there is actually a “reliable exchange of foreign exchange” exists.

 

Netizen A friended the scammer on Weixin, and sent dozens of thousands of RMB, but did not get any AUD.

 

The so-called reliable exchange rate, are to “preferential exchange rate” to lure the cheated people remittance, after the hands of a variety of reasons to refuse to pay, play disappearance, and even forged bank remittance records and cheques and other payment certificates.

 

In November, the Chinese Consulate General in Perth also released this news in the official Weixin public message, reminding Chinese citizens and international students in Western Australia to beware of “exchange” scams. The fraud suspects are mostly found in Weixin groups, Weixin Moments, Xiaohongshu and other online platforms, it is difficult to distinguish between the real and the fake, through the initiative to add friends to establish contact with the victims.

 

 

Australia Changjiang Currency Exchange:

 

account blocked, family members were investigated!

 

 In October of this year, the self-proclaimed “Australia's first exchange platform,” the “Changjiang Currency Exchange” by the Australian police in a comprehensive raid, in Australia, 12 stores were seized! According to the Australian police, the company helped illegal customers launder money through its huge capital flow and gained 10% of the profits.

 

Over the past three years, it has processed a total of 10.1 billion Australian dollars in transactions, a mix of legal and illegal customer funds, of which 98% were legal.

 

While illegal funds accounted for only 2% of the total, the total amounted to about A$229 million.

 

There has also been a lot of feedback on social media from users whose accounts have been blocked as a result of using it to exchange money.

 

 

Singapore:

 

legal money transfers but tragically frozen?

 

Also in October, a number of Chinese in Singapore sent their hard-earned money back to China through money transfer companies or money remitters, only to find that their remittance funds were frozen upon arrival in China for allegedly being involved in money laundering practices. The reason for this was because the third-party bank accounts used by the remittance companies were suspected of violating the law.

 

It is understood that the number of Chinese affected by this has accumulated to over 1,000 people, with a total frozen amount of over 30 million RMB. A large number of affected remittance senders have been visiting the remittance companies almost every weekend to seek solutions, but have not been able to get substantial help.

 

This has also caught the attention of our Embassy in Singapore, which has also issued a notice specifically for this purpose:

 

There are endless ways for fraudsters to do this, and in addition to eliminating risky behaviors such as private money exchanges, choosing a legally compliant, safe and reliable remittance company is also a top priority!

 

 

“Public Institution for Private Use”? All fraud!

 

Not coincidentally, the embassies of many countries issued a circular to remind Chinese citizens to be highly alert to the new ways of telecom fraudsters.

 

At present, there are numerous ways of fraud, including but not limited to posing as public prosecutors and lawyers, customs, embassies and consulates staff, courier companies, landlords and so on. The content of the fraud involves virtual kidnapping, illegal exchange of foreign currency, Internet transactions, etc..

 

The victim, A, received the so-called “anti-fraud bureau chief” call, was constantly brainwashing, fraudsters also “badge” and other props, step by step coercion and set up a set, so that small A on its “state organs workers “identity convinced.

 

After obtaining the trust of A, fraudsters to cooperate with the implementation of the “secret mission” as the reason, luring A left Ireland to a third country. In the meantime, small A was asked to turn off communication tools, hand over social media accounts. Through this technique, so that the police are difficult to find traces of A, increasing the difficulty of solving the case, to achieve the purpose of money fraud. A has been lured by fraudsters to ask his parents for large sums of money on various pretexts, such as further education and training and speculation in Bitcoin.

 

 

Panda Remit has a lifelong pursuit of safety and security.

 

01

Legal and Compliant Processes

 

Panda Remit has been certified by PCI DSS and has passed nearly 300 audit indicators covering 6 major areas and 12 specifications, including network security, application and system security, which means that the company's payment capabilities and technology have reached the international leading level;

 

As an internationalized company, Panda Remit's remittance business is spread all over the world. In different countries/regions, Panda Remit has obtained the appropriate remittance licenses through compliance regulation, and strictly adheres to the rules of international remittance business to ensure that every transaction is legal and compliant.

 

Please refer to our website https://www.pandaremit.com/zh/compliance for more information on our licenses.

 

02

Endorsement by Authoritative Organizations

 

With its professional ability and rich experience in the international payment field, Panda Remit has obtained several rounds of financing from Sequoia Capital, Lightspeed Capital and Jiacheng Capital so far.

 

China's leading law firm King & Wood Mallesons provides legal services for Panda Remit. King & Wood Mallesons issues legal opinions on China business compliance for Panda Remit, ensuring that every remittance meets regulatory requirements.

 

03

Double Encryption

 

Panda Remit uses Symantec's security solution, which has industry data standards and protects information without missing corners.

 

At the same time, Panda Remit is strictly in accordance with local regulations on user data confidentiality, to maximize the protection of remittance information security, users submit private data are through the Norton Secure Site SSL and Https double encryption processing, at all times to protect the security of your information.

 

04

Multiple Identity Verification

 

Panda Remit carries out strict identity verification during the account opening and remittance process.

 

When opening an account, in addition to the information review, face recognition, there will be a dedicated customer service by phone to confirm the identity of the customer to ensure that the customer is the person to open an account to avoid the theft of personal information;

 

When logging in to your account, Panda Remit doubly protects your account by [Set Password] and [Bind Mobile Phone Number];

 

During the remittance process, Panda Remit will also confirm the information verification code several times to ensure that only legally authorized users can carry out the remittance operation.

 

Reminder: Panda Remit will not ask for the verification code in any way, so please do not tell others about the verification code.

 

05

Real-time Risk Monitoring

 

Panda Remit has set up a comprehensive risk monitoring system for strict risk management, encrypts and monitors all transactions around the clock, and is able to monitor remittance behavior in real time to detect abnormal transactions and take appropriate measures;

 

Once an abnormal transaction is detected in the background, Panda Remit will lock the transaction and verify the situation with the person on the phone to ensure the safety of the user's funds.

 

06

Transparent visualization of progress

 

The remittance process of Panda Remit is completed online, supporting real-time inquiry of remittance progress.

 

The entire process of remittance is visualized and traceable, and users can check the status of remittance in real time on the mobile app.

Users can also check the remittance progress through online customer service;

 

Timely notification of arrival via SMS/email/Weixin.

 

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