Loan fraud on yourself..

If I was to apply for some personal loans online using my real details (With vpn/proxy)

Get as much money as possible paid into my bank account, then buy BTC with it and cashout.

What problems could arise with this? Just deny all knowledge when you report the transactions to the bank.

It would surely be up to the police to deal with? I am in the UK if anyone has any info, it seems too simple.


Comments


[14 Points] Hong_Kong_Post:

Sounds like a good script for a comedy movie... Flawless but kinda goofy plan, executed almost to perfection until your face is seen in a reflection in car mirror, picked up by the ATM camera as you pick up the last of your cash - at which point the likeable, funny but now doomed main character finds his life turned upside down and his bum hole ever-so-slightly widened in pound me in the ass prison.


[9 Points] CynicalElephant:

The only issue with this solid plan is that banks aren't fucking retarded.


[7 Points] tokensue:

You will get busted. The checks they will do will unearth you are either trying to pull the scam or refuse the loan based on suspected fraud. Banks and finacial institutions have good technology algo's and highly trained fraud teams to identify this. Why do you think people try to defraud others and not themselves ?


[5 Points] MT_Merchant_Mangler:

You want to apply for loans; receive the money; then buy BTC with it and then cash out the BTC?

Maybe I missed a step, but how exactly are you committing fraud? If you get approved for the loan and receive it, you can spend it on whatever you want. That doesn't mean you don't have a loan balance at the end of the day.

The OP makes no sense.


[2 Points] tarzanboyo:

I have considered something similar in the past but its not worth it, the amount of details and payment going into your bank account is enough evidence for them to say we dont give a fuck, you owe us the money regardless.


[2 Points] BloodSweatandFears:

Well for starters, this post


[1 Points] None:

/r/dnmfraud


[1 Points] lordredvampire:

As long you pay back the loan.. it doesn't matter. Once it's in your bank, it's in your bank - digital trail.


[1 Points] Drugsloveme:

It's going to stay on your credit, and good luck trying to prove your identity was stolen.


[1 Points] ThankYouBasedGodLilB:

Only use money you can afford to lose


[1 Points] fuqboi1738:

They have people whose job it is to find fraud, and they are usually some what decent at their job. But I know a lot of people whose job is fraud who are good at their job too and get away with it. If you have no experience I wouldn't recommend it.


[1 Points] speedfleek:

So dumb it might work


[-1 Points] None:

I was thinking of doing this with a credit card. Nothing too big just a few hundred bucks then report as fraud. I'm in the US though.