1. The Anatomy of a “Dead Account” Scam 🕵️♂️
Scammers prey on businesses that handle international transfers face-to-face. Here’s the playbook:
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Fake KYC Sheet
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They send you a polished client info form—company name, registration number, passport scan, even a Wise SWIFT code.
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Public-Domain PDFs
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The sheet often comes from a public “directory” download, so it looks legit…until you Google it.
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Small Test Transfer
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They promise a massive payout later but ask you to send ₹10,000 as a “system check.”
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Vanishing Act
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Once you hit “Send,” they ghost you. No response, no payout—just an empty inbox and lighter bank balance.
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2. Red Flags to Watch For 🚩
1. Overly Polished Docs
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Logos, stamps and passports look perfect. But a quick Google search of company name shows no real business.
2. Publicly Hosted KYC -
If you find the same PDF in multiple “directories,” it’s likely mass-distributed scam material.
3. Vague Transaction Terms -
They talk about “funds release” without giving clear contractual terms or official invoices.
4. Up-Front “Test Payment” -
Legit partners rarely ask you to pay them first. They’ll send you proof of funds or escrow agreement instead.
By keeping an eye out for these, you can dodge the worst of the scams.
3. Simple Steps to Verify Your Counterparty ✔️
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Google the Company & Directors
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Check corporate registries or LinkedIn for real employees and history.
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Use Official Registries
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Cross-verify registration numbers on government websites, not random PDF links.
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Ask for Live Video Call
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Request a quick Zoom tour of their office or a live view of their bank portal. Scammers hate being on camera.
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Escrow or Letter of Credit
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For large sums, use escrow services or a bank-issued Letter of Credit instead of direct transfers.
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These steps add minutes to your process—but can save you lakhs.
4. Building a Bullet-Proof KYC Process 🛡️
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Centralized Onboarding Portal
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Clients upload docs through a secure link. No more chasing PDFs over WhatsApp.
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Automated Validation
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Integrate HS code and company-registry APIs to flag mismatches instantly.
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Document Freshness Rules
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Demand bank statements or passports issued within the last 3 months.
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Two-Step Approval
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Low-value transfers can auto-approve; high-value or new partners need dual sign-off.
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Implementing these reduces “dead” or fraud accounts by over 80%. 🎉
5. What If You’ve Been Scammed? Next Actions 🆘
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Contact Your Bank Immediately
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Some banks can freeze transfers if caught early.
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File a Police Complaint & FIR
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Cross-border fraud still requires local law enforcement involvement.
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Notify Shunyatax Global
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We guide you through recovery attempts and regulatory filings.
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Review & Strengthen
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Audit your onboarding and payment rules to plug any holes.
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Even if you recover only part of your funds, you’ll get back critical insights to protect future deals.
6. Stay Ahead with Ongoing Vigilance 👀
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Quarterly Audits: Review your KYC logs and payment exceptions.
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Team Training: Run quarterly refreshers on new scam trends.
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Regulatory Updates: Keep up with RBI/FEMA circulars on cross-border compliance.
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Peer Networks: Share intel with other trusted importers or trade associations.
With proactive checks, you turn fraud prevention into a competitive edge—impressing partners and protecting profits.
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Understanding Client Information Sheets for Cross-Border Transfers: Minimizing Fraud & Dead Accounts
there are several fully legal pathways to end up with a second passport under a new name. Here’s a quick rundown