I've seen this asked a few times but in different ways. As someone looking into some programs I'm hearing different comments, myths or not. The infamous MT799 Free Text message. Can it actually be used to pull funds from a client's account or not which is above and beyond the claim that it will be only used to verify funds? If it can, how? or how best to ensure against it?

Also, if anyone has had or know of fraud please provide the claim with a verifiable reference.

Check the site out and you will learn from it.

Thanks and I had already called them and they had not heard of anything but I'm looking for someone who knows more about the claims I keep hearing, as it sorta an Urban myth...much like people state about platform trades.

a message field 799 is not supposed to be used for the purpose described in the gray market offers, therefore abuse in itself is not illegal but does not confer the legal binding under the standard and handling terms of the SWIFT Agreement. It does not allow you to pull money anyhow, insofar it is an urban myth; however an MT 79 will confer all account details I need for a debit instruction and a versatile hacker can use it to access the funds if there is no lock on them; which most banks do not do even these days. What you can do in addition is clone the origin of funds into another account and substitute origin of funds and allow a pass through for funds under a different origin which is in fact money laundering, since the sender of the MT799 opened himself to such phishing operation the bank in such cases lays blame fully on him and since the result of such cloning only becomes apparent a long time after the substitute wire, there is usually nothing to be done. Some banks therefore and in order to avoid liability redflag such instructions and ask them to be reviewed and reissued and then copy them into a suspicious activity report.
Professionally done for example a rather large account of funds which can not be wired due to a missing or negative origin will use the data on the MT799 and clone the account from which it is send into a transaction origin and substitute its own negative origin with that of the clone account and then with the proper reference, which are actually on the SWIFT with reference numbers, the wire of these funds goes through, they are cleared have a proper origin and can be used anywhere. The actual sender of the MT799 does not know whats going on, his transaction does not go through and so the actual money laundering is done, the operator of the scheme makes between 10 to 25% on the transaction, the guys who help set up the MT 799 believeing in an investment transaction, will not make a dime but will be stuck with the expenses. When and if the whole thing comes up, the Treasury and later the police and DA will charge them with willfully participating in a money laundering file, depending on the jurisdiction. For example in the US such can be done easily because it only relates to the actual activity and not the knowledge if you had reason to suspect, this together with the usual asset freeze order etc its quite an unpleasant experience.

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