Unmasking the money: The underworld of ‘dummy accounts’ in illicit finance

Photo: by Jefferson Santos, on unsplash.

A bank account referred to as a dummy account is typically held by a person who is not the actual owner. These accounts are commonly used in illicit financial activities such as fraudulent transfers, gambling, drug trafficking, or money laundering.

Dummy accounts can be obtained in two main ways:

1. Paying someone else to open an account.
2. Deceiving or stealing someone’s personal information to open an account.

Fraudsters often use these accounts to trick victims into transferring money via their debit or credit cards, pretending to need payment for goods or services. In reality, this is a scam to illegally profit from the transferred funds.

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If anyone becomes a victim of a scam involving a dummy account, they can take the following steps:

1. Report the situation to the police.
2. Contact the bank to freeze the account.
3. Check the transaction history of the account.

Operating a dummy account is a legal offence. Those who open or receive transfers from a dummy account could face penalties under the Money Laundering Prevention and Suppression Act. The penalties could include a prison sentence of one to ten years, a fine ranging from 20,000 to 200,000 baht, or both. They could also face charges of fraud.

It is crucial to be cautious and avoid any involvement with dummy accounts to prevent becoming a victim of criminals and facing legal action.

In related news, two female thieves conned an elderly couple out of more than 100,000 baht in cash and gold, after gaining his trust by posing as coconut buyers. The incident took place in Nong Han, Udon Thani on September 11, and the victims have appealed for police intervention.

Rung Wachnarat reported that on September 8, around lunchtime, he was at home when two women, appearing to be mother and daughter, arrived on a motorcycle.

They asked to buy coconuts from him, and while the 76 year old went to gather the coconuts, one of the women asked to use the toilet. He pointed her towards the outside toilet, but she claimed it was too difficult to use and asked to use the indoor one instead. Read more of the story HERE

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Samantha Rose

Samantha was a successful freelance journalist who worked with international news organisations before joining Thaiger. With a Bachelor's degree in Journalism from London, her global perspective on news and current affairs is influenced by her days in the UK, Singapore, and across Thailand. She now covers general stories related to Thailand.

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