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Receiving funds with MT103

jessept

New member
We had a proposal to receive funds for investment via MT103 and MT202. The sum is large. Is it safe to receive such payments via SWIFT? How can we protect ourselves? Where is the catch?
 

GiGoGo

I make things happen
Silver Member
I've been offered deals like that, most are scams and from what I researched that kind of bank transfers can be reverted
 

speedster

Active Member
Why would a swift transfer necessarily be a scam? Let them transfer the funds, only action anything once the funds reflect in your account
 

EUR99

Active Member
MT103 (SWIFT) is a very common way of sending payments internationally,regarding GiGoGo comments yes they can be reverted otherwise known as a RECALL but these usually are dependant on both parties agreeing on funds being returned to each other its very rarely one sided.

how did the client come to you ? Have you got any kyc on them and done any basic due diligence?
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Absolute scam and waste of time. Don't even bother looking into it or getting excited it is 100% nonsense. The Nigerian prince will not deliver I am afraid.
 

Gediminas

Offshore Tax Advisory
Mentor Group Gold
Commercial Service
Business Angel
Absolute scam and waste of time. Don't even bother looking into it or getting excited it is 100% nonsense. The Nigerian prince will not deliver I am afraid.
A question out of personal interest - why does these kinds of options (like MT103) even exist if it's always (or mainly) used for scamming people?
 

EUR99

Active Member
MT103 is a way of sending international payments otherwise known as a SWIFT

there isn’t anything strange about sending a MT103 it’s more about who it’s coming from and the back story
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
A question out of personal interest - why does these kinds of options (like MT103) even exist if it's always (or mainly) used for scamming people?
As EUR99 said.

Just trust me that anyone who is not a bank that talks about MT103, MT101 or even MT760 etc is a scammer. DO NOT even bother entering a conversation with them.
 

GiGoGo

I make things happen
Silver Member

During 2017 and 2018 I've been approached by some people asking me "Do you accept MT103 ?" and asking for full KYC
100% cases were waste of time I wonder if they use it for Phishing. Of course I didn't send anything but my Coinbase referral just in case ;)
 
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Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
OP never came back. I think the Nigerian prince with $100bn he needs to transfer to an account in return for 10% cut may have got him...lol.
 

GiGoGo

I make things happen
Silver Member
Probably he sold Bitcoin at 10% discount and the money disappeared
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
I have a feeling now the OP is the scammer.

He came here probably hoping that he could find someone interested in helping with this deal. Scam quickly got exposed and he has not come back eek¤%&.
 

mrjohn

New member
I was the OP. The persons who are offering it are known to us. But I am not sure where the catch is on this offer. As I understood, the MT 202 form would be without COV. No transaction fee to be paid. I am not sure whether we would receive the funds, whether we would get in trouble for it as well.
 

GiGoGo

I make things happen
Silver Member
I was the OP. The persons who are offering it are known to us. But I am not sure where the catch is on this offer. As I understood, the MT 202 form would be without COV. No transaction fee to be paid. I am not sure whether we would receive the funds, whether we would get in trouble for it as well.
If I were you money in the bank account first before Bitcoin operation and ensure the money is settled
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
I was the OP.
You changed username?

The persons who are offering it are known to us.
Then congrats you know a scammer thu&¤#

You cannot be serious that you are actually listening to anything the scammer told you.

I am not sure whether we would receive the funds,
No sh*t sherlock. Damn can't believe there are people this naive out there doh948"". Hey good luck anyway...lol.
 
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