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Foreign Scammers Use U.S. Banks to Fleece Americans
Asian crime syndicates’ online scams have reached industrial proportions, cheating victims around the world out of more than $44 billion a year. U.S. banks have been unable to stop them.
Often operated by Chinese gangs out of prison-like compounds in Cambodia, Laos and Myanmar, pig-butchering in that region has reached a staggering $44 billion per year, according to a report by the United States Institute of Peace, and it likely involves millions of victims worldwide. A walled complex in Sihanoukville, Cambodia, known to have housed scamming operationsCredit: Cindy Liu for ProPublica Inside those offices, the tap of keyboards and buzz of Telegram notifications suggested a trading floor at a stock exchange. “The scale of fraud taking place every day is a massive burden for our country and for the millions of hard-working women and men whose lives are affected by it,” Rob Nichols, president of the American Bankers Association, said in an October speech.
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