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Resource ID: #27938
Subject: scams
Source: CNN
Affiliation: 
Date: Feb. 24 - Oct. 12, 2016

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Description

In CNNMoney's initial five-part investigation, they took readers along on our journey each week as they peeled back the layers of one of the world's longest-running scams and ultimately exposed the global network that has kept it alive for decades. Even international investigators had been stumped. They had been unable to shut the scheme down and were not even sure whether the French psychic Maria Duval, who was the face and name of the scam, was a real person. But after months of reporting, CNN managed to zero in on the scam's original masterminds, untangle the complicated and shadowy business web that has kept the scheme alive, and tell the unexpected story of psychic herself -- providing a rare window into how this massive fraud has been able to go on for so long. And in their second installment, they exposed a little-known Canadian company named PacNet, which has made schemes like this possible. By cashing the checks sent in by countless victims -- not just for the Maria Duval scheme, but for dozens of heartless scams that have preyed on the elderly for decades -- this tiny payment processor had been quietly profiting from global fraud for years. In this world, con artists perpetrate the fraud. PacNet deposits the checks. Not only did this series document just how many scams PacNet had processed payments for, but it also detailed the close-knit network of global scammers that specifically prey on the elderly, and the companies that help them do it.

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