Your identity may have been faked and stacked away, By Rarzack Olaegbe

Is it an exaggeration or do Fintechs add value?
Rarzack Olaegbe

Nasiru Damilu was deported in 2019. He carried a fake passport. It was issued by a travel agency – Green Valley Concept. Messr Robin Okpara owned the concept. Damilu didn’t know he had a time bomb in his pocket. When he walked into the welcoming ambience of Queen Elizabeth’s land, he was not welcomed. He was arrested at Heathrow Airport. He had a fake passport. He was taken into custody. His £100,000 cash and other valuables were seized. They were classified as proceeds of crime.

Damilu was distraught. His vacation was cancelled. Instead, he slept with the Economic and Financial Crimes Commission. In a cell. The EFCC investigated the case. Messr Robin had issued a fake passport to him. And other unsuspecting clients. Those who were interested in a travel and residency arrangement in Malta. It was a scam.

The anti-graft agency said Robin admitted to liaising with a third party. At large. The can of worms was opened during a trial at the Federal Capital Territory High Court, Abuja. Damilu bore the brunt. He had been scammed.

The internet is endless. It is a vast filament. It is a place for anything. For everything. You can get anything you want for a price. On the internet. This includes a new identity.

On the one hand

You can buy and create a fake bank statement. From the most known US and Canadian banks. “Our bank statements can be fully customized by you when filling out the order form so that all the entries, data, and exact descriptions meet your desired criteria. Or if you prefer, it can be totally randomized by us. According to your general instructions. Our fake bank statements are delivered in high quality resolution by email. You can print it from the comfort of your home or office.

“If you have a request for a product not mentioned in our page such as a fake credit report. Or something else not covered here, you can still request by filling out a general order. And send both a sample and detailed description of what is needed. When we receive your request we will get back to you to proceed with your order”. Banknovelties.com advertised its products on the site.

The internet is endless. It is a vast filament. It is a place for anything. For everything. You can get anything you want for a price. On the internet. This includes a new identity. Aside from Banknovelties, other online storefronts promise all manner of goods and services. Your identity can be stolen on the dark web. And stacked away. Banknovelties can get you all manners of doctored financial documents. You can get fake tax returns. Utility bills. Bank statements. And more “goods.”

Banknovelties.com is a company of software designers. It specializes in educational and training financial tools such as fake bank statements, paystubs, designs, branding and website development for both business and individuals. It has reached a large number of customers since 2006. “We work with some exclusive firms by providing educational and innovative exciting products for new and existing businesses.  We have a highly professional and dedicated support team to answer any questions”.

The company offers fast and efficient support. “Before contacting us we suggest you have a quick read at our Frequently Asked Questions page since most common queries can easily be resolved at our FAQ page”. The existence of Banknovelties.com is a testament that identity fraud is an open market. Besides, it also shows that it is difficult to tell counterfeit documents from the original. It’s hard for businesses to verify other businesses. It is difficult for government agencies to verify legitimate firms. It is difficult for educational institutions to validate certificates.

Why is this so? The Covid-19 pandemic has thrown up so many relief agencies.  Fake documents obtained from Banknovelties are wielded by fraudsters who seek, and have sought, to scam the system. This was evidenced in the recently siphoning off billions of dollars from pandemic-era relief that had been mandated as part of the Coronavirus Aid Relief and Economic Security Act (CARES Act).

The pandemic had eroded profits. Revenue streams had dried up. Small businesses needed help. Homes are helpless. So, non-governmental organisations and government agencies had reached out with aid. To qualify for the relief materials, certain information and documentation were required. You do not get aid if you don’t have valid documents. So, millions of fake documents have emerged. Maybe the fake documents were sourced from Banknovelties? It is difficult to say. But the endgame of getting freebies is what must have led to the patronage of Banknovelties.

Bloomberg reported that Banknovelties accepts bitcoin payments only. Bitcoin has been used by fraudsters in all manner of schemes. Due in part to its relative anonymity. Banknovelties uses advanced technologies to help create authentic-looking documents from lenders and institutions. These documents have been used to defraud other lenders and institutions.

To overcome this fraud hurdle, the joint research between PYMNTS and TreviPay have shown that higher verification methods are needed to counter the trend. These methods include checking employer verification numbers.

On the other hand

Application fraud may be new in our environment. But it is trending in Europe. Who knows? Maybe your identity has been stolen and stacked away? You would not know. But Brandon Spear, CEO of TreviPay said the application fraud should be treated as identity theft. This debate is brewing. But on the surface, the illegitimacy of Banknovelties cannot be debated. It is what it is. Application fraud.

To overcome this fraud hurdle, the joint research between PYMNTS and TreviPay have shown that higher verification methods are needed to counter the trend. These methods include checking employer verification numbers. Embracing third-party providers that use automated know your customer. Bringing anti-money laundering (AML) compliance efforts to verify business and credit information. So, new digital solutions should be deployed to prevent application fraud.

On this side

Banknovelties is a registered company?

Yes, Bigmummy. It is.

How did you discover this company? This Banknovelties?

It dropped on my laptop. It is like the apple that dropped away from the scientist.

You mean Isaac Newton? Do you represent Banknovelties?

Yes, Bigmummy. To place an order, click this page!

*Olaegbe (psalmsonolaegbe@gmail.com)