Short Answer

This is a variation of the classic Nigerian Prince Confidence Scam a/k/a 419 Scam and you are their mark.

The goal of this con is theft and abscondence. Not necessarily money laundering as others have suggested. Because, ultimately, there is no money on their end except what they seek to steal from their mark.

Banking asymmetry is the key

The basic idea is that funds clear U.S. banks faster than foreign banks. More specifically, money transfers to points inside the U.S. from points outside the U.S. take longer to clear than transfers from points inside the U.S. to outside the U.S. The ongoing success of this confidence scam rests upon that single feature of the global banking system.

This asymmetry will eventually land you in a situation where your funds clear (leave your account) but theirs don't (i.e., never enter your account) — yet at first appear to do so — until you find out later their funds "bounced." By that time, they will be long gone but the bank will come after you for the bounced funds. And, of course, your money will be gone. Thereby leaving you holding the bag.

Best response: stop communicating

The best thing to do is to just stop communicating with them. You can try reporting it to your state's Attorney General but, quite frankly, I wouldn't bother. These are so common you just have to treat it like "background noise."

Cautionary tale: sad and common

This is really sad. But I used to work in a retail location of a large national bank. Our clients were mostly members of a small suburban neighborhood. At least once per week, and sometimes two or three times per week, like clockwork, we would always see a different person coming into the bank asking to withdraw all their funds to send out of the country.

After asking a couple questions it was always clear that this was another variation of the 419 Confidence Scam. The marks were usually older people (who are more gullible and trusting of strangers than the average population. Something to do with simpler times in the past, I guess.) Often times the marks were so convinced by the con that we could not explain to them what was happening in a way they would believe us and got conned anyway. Losing all their money.

It's all very sad, but a cautionary tale and an example of how convincing these cons can be. Also, to illustrate how common it all is, imagine that this probably happened in every retail location serving every neighborhood in the U.S. Very sad. And very common.

Short Answer

This is a variation of the classic Nigerian Prince Confidence Scam a/k/a 419 Scam and you are their mark.

The goal of this con is theft and abscondence. Not necessarily money laundering as others have suggested. Because, ultimately, there is no money on their end except what they seek to steal from their mark.

As others have pointed out, variations on this also include the Overpayment Scam and hat tip to the Spanish Prisoner Scam of the 16th century for historical context.

Banking asymmetry is the key

The basic idea is that funds clear U.S. banks faster than foreign banks. More specifically, money transfers to points inside the U.S. from points outside the U.S. take longer to clear than transfers from points inside the U.S. to outside the U.S. The ongoing success of this confidence scam rests upon that single feature of the global banking system.

This asymmetry will eventually land you in a situation where your funds clear (leave your account) but theirs don't (i.e., never enter your account) — yet at first appear to do so — until you find out later their funds "bounced." By that time, they will be long gone but the bank will come after you for the bounced funds. And, of course, your money will be gone. Thereby leaving you holding the bag.

Best response: stop communicating

The best thing to do is to just stop communicating with them. You can try reporting it to your state's Attorney General but, quite frankly, I wouldn't bother. These are so common you just have to treat it like "background noise."

Cautionary tale: sad and common

This is really sad. But I used to work in a retail location of a large national bank. Our clients were mostly members of a small suburban neighborhood. At least once per week, and sometimes two or three times per week, like clockwork, we would always see a different person coming into the bank asking to withdraw all their funds to send out of the country.

After asking a couple questions it was always clear that this was another variation of the 419 Confidence Scam. The marks were usually older people (who are more gullible and trusting of strangers than the average population. Something to do with simpler times in the past, I guess.) Often times the marks were so convinced by the con that we could not explain to them what was happening in a way they would believe us and got conned anyway. Losing all their money.

It's all very sad, but a cautionary tale and an example of how convincing these cons can be. Also, to illustrate how common it all is, imagine that this probably happened in every retail location serving every neighborhood in the U.S. Very sad. And very common.

Answer

This is a variation of the classic Nigerian Prince Confidence Scam a/k/a 419 Scam and you are their mark.

The goal of this con is theft and abscondence. Not necessarily money laundering as others have suggested. Because, ultimately, there is no money on their end except what they seek to steal from their mark.

Banking asymmetry is the key

The basic idea is that funds clear U.S. banks faster than foreign banks. More specifically, money transfers to points inside the U.S. from points outside the U.S. take longer to clear than transfers from points inside the U.S. to outside the U.S. The ongoing success of this confidence scam rests upon that single feature of the global banking system.

This asymmetry will eventually land you in a situation where your funds clear (leave your account) but theirs don't (i.e., never enter your account) — yet at first appear to do so — until you find out later their funds "bounced." By that time, they will be long gone but the bank will come after you for the bounced funds. And, of course, your money will be gone. Thereby leaving you holding the bag.

Best response: stop communicating

The best thing to do is to just stop communicating with them. You can try reporting it to your state's Attorney General but, quite frankly, I wouldn't bother. These are so common you just have to treat it like "background noise."

Cautionary tale: sad and common

This is really sad. But I used to work in a retail location of a large national bank. Our clients were mostly members of a small suburban neighborhood. At least once per week, and sometimes two or three times per week, like clockwork, we would always see a different person coming into the bank asking to withdraw all their funds to send out of the country.

After asking a couple questions it was always clear that this was another variation of the 419 Confidence Scam. The marks were usually older people (who are more gullible and trusting of strangers than the average population. Something to do with simpler times in the past, I guess.) Often times the marks were so convinced by the con that we could not explain to them what was happening in a way they would believe us and got conned anyway. Losing all their money.

It's all very sad, but a cautionary tale and an example of how convincing these cons can be. Also, to illustrate how common it all is, imagine that this probably happened in every retail location serving every neighborhood in the U.S. Very sad. And very common.

Short Answer

This is a variation of the classic Nigerian Prince Confidence Scam a/k/a 419 Scam and you are their mark.

The goal of this con is theft and abscondence. Not necessarily money laundering as others have suggested. Because, ultimately, there is no money on their end except what they seek to steal from their mark.

Banking asymmetry is the key

The basic idea is that funds clear U.S. banks faster than foreign banks. More specifically, money transfers to points inside the U.S. from points outside the U.S. take longer to clear than transfers from points inside the U.S. to outside the U.S. The ongoing success of this confidence scam rests upon that single feature of the global banking system.

This asymmetry will eventually land you in a situation where your funds clear (leave your account) but theirs don't (i.e., never enter your account) — yet at first appear to do so — until you find out later their funds "bounced." By that time, they will be long gone but the bank will come after you for the bounced funds. And, of course, your money will be gone. Thereby leaving you holding the bag.

Best response: stop communicating

The best thing to do is to just stop communicating with them. You can try reporting it to your state's Attorney General but, quite frankly, I wouldn't bother. These are so common you just have to treat it like "background noise."

Cautionary tale: sad and common

This is really sad. But I used to work in a retail location of a large national bank. Our clients were mostly members of a small suburban neighborhood. At least once per week, and sometimes two or three times per week, like clockwork, we would always see a different person coming into the bank asking to withdraw all their funds to send out of the country.

After asking a couple questions it was always clear that this was another variation of the 419 Confidence Scam. The marks were usually older people (who are more gullible and trusting of strangers than the average population. Something to do with simpler times in the past, I guess.) Often times the marks were so convinced by the con that we could not explain to them what was happening in a way they would believe us and got conned anyway. Losing all their money.

It's all very sad, but a cautionary tale and an example of how convincing these cons can be. Also, to illustrate how common it all is, imagine that this probably happened in every retail location serving every neighborhood in the U.S. Very sad. And very common.

Answer

This is a variation of the classic Nigerian Prince Confidence Scam a/k/a 419 Scam and you are their mark.

Banking asymmetry is the key

The basic idea is that funds clear U.S. banks faster than foreign banks. More specifically, money transfers to points inside the U.S. from points outside the U.S. take longer to clear than transfers from points inside the U.S. to outside the U.S. The ongoing success of this confidence scam rests upon that single feature of the global banking system.

This asymmetry will eventually land you in a situation where your funds clear (leave your account) but theirs don't (i.e., never enter your account) — yet at first appear to do so — until you find out later their funds "bounced." By that time, they will be long gone but the bank will come after you for the bounced funds. And, of course, your money will be gone. Thereby leaving you holding the bag.

Best response: stop communicating

The best thing to do is to just stop communicating with them. You can try reporting it to your state's Attorney General but, quite frankly, I wouldn't bother. These are so common you just have to treat it like "background noise."

Cautionary tale: sad and common

This is really sad. But I used to work in a retail location of a large national bank. Our clients were mostly members of a small suburban neighborhood. At least once per week, and sometimes two or three times per week, like clockwork, we would always see a different person coming into the bank asking to withdraw all their funds to send out of the country.

After asking a couple questions it was always clear that this was another variation of the 419 Confidence Scam. The marks were usually older people (who are more gullible and trusting of strangers than the average population. Something to do with simpler times in the past, I guess.) Often times the marks were so convinced by the con that we could not explain to them what was happening in a way they would believe us and got conned anyway. Losing all their money.

It's all very sad, but a cautionary tale and an example of how convincing these cons can be. Also, to illustrate how common it all is, imagine that this probably happened in every retail location serving every neighborhood in the U.S. Very sad. And very common.

Answer

This is a variation of the classic Nigerian Prince Confidence Scam a/k/a 419 Scam and you are their mark.

The goal of this con is theft and abscondence. Not necessarily money laundering as others have suggested. Because, ultimately, there is no money on their end except what they seek to steal from their mark.

Banking asymmetry is the key

The basic idea is that funds clear U.S. banks faster than foreign banks. More specifically, money transfers to points inside the U.S. from points outside the U.S. take longer to clear than transfers from points inside the U.S. to outside the U.S. The ongoing success of this confidence scam rests upon that single feature of the global banking system.

This asymmetry will eventually land you in a situation where your funds clear (leave your account) but theirs don't (i.e., never enter your account) — yet at first appear to do so — until you find out later their funds "bounced." By that time, they will be long gone but the bank will come after you for the bounced funds. And, of course, your money will be gone. Thereby leaving you holding the bag.

Best response: stop communicating

The best thing to do is to just stop communicating with them. You can try reporting it to your state's Attorney General but, quite frankly, I wouldn't bother. These are so common you just have to treat it like "background noise."

Cautionary tale: sad and common

This is really sad. But I used to work in a retail location of a large national bank. Our clients were mostly members of a small suburban neighborhood. At least once per week, and sometimes two or three times per week, like clockwork, we would always see a different person coming into the bank asking to withdraw all their funds to send out of the country.

After asking a couple questions it was always clear that this was another variation of the 419 Confidence Scam. The marks were usually older people (who are more gullible and trusting of strangers than the average population. Something to do with simpler times in the past, I guess.) Often times the marks were so convinced by the con that we could not explain to them what was happening in a way they would believe us and got conned anyway. Losing all their money.

It's all very sad, but a cautionary tale and an example of how convincing these cons can be. Also, to illustrate how common it all is, imagine that this probably happened in every retail location serving every neighborhood in the U.S. Very sad. And very common.