FAKE SWIFT MESSAGE SCAM

Just when Mr. Old Man hoped for a quiet morning coffee, an “important” MT999 landed in my inbox — full of big promises, clean funds, and all the familiar perfume of a scam.

A reader from Ecuador wrote:

“My bank can’t find the MT999, but the sender says it expires after 48 hours. Is that possible?”

Short answer: No.

Long answer: Definitely no.

In today’s Q&A, we break down why MT999 is a scammer’s favourite toy, why SWIFT messages don’t vanish into thin air, and how someone, unfortunately, already lost USD 100,000 believing this trick.

A quick read that might save you — or your clients — a lot of money.

QUESTION

Dear Mr. Old Man,

Hope this email finds you well. I’ve been reviewing your blog but couldn’t find a clear answer on whether an MT999 can “not arrive” at the receiving bank.

Attached is a copy of the SWIFT message. I suspect I’m being scammed. My receiver has not found the message, and the sender insists he must issue a new one because an MT999 “expires after 48 hours.”

Could you please advise?

Best regards,

Gabriel Espinosa, Ecuador

—-

ANSWER

 

Hi Gabriel,

Based on my experience, the MT999 you received is fake. Here’s why:

1. An MT999 cannot get “lost” inside SWIFT

If a SWIFT message is sent, it is received—especially when the sender and receiver are branches of the same bank (in your case, Deutsche Bank).

If the receiving branch cannot locate it, it was never sent.

2. MT999 is unauthenticated and has no value

An MT999 is basically a free-format text—similar to an email sent over the SWIFT network.

It cannot transfer funds, commit a bank, or confirm availability of money.

Scammers love using MT999 because it sounds “bank-like” but carries zero legal effect.

3. The wording in the message is typical scam language

Phrases like “clean and cleared funds,” “non-criminal origin,” “ready, able and willing,” and references to SBLC issuance via MT760 are all classic signs of advance-fee scammers.

 What you should do now

Ask your bank (Deutsche Bank Mumbai) to contact Deutsche Bank Frankfurt and simply ask whether that MT999 was ever sent.

If they say “no,” the case is closed.

While waiting, do not respond to the suspected scammers and absolutely do not pay any fees.

Keep me posted.

Good luck!

Mr. Old Man

_____

FOLLOW-UP FROM GABRIEL ESPINOSA

Dear Mr. Old Man,

Thank you for your kind reply.

Your guidance was extremely helpful. The MT999 never arrived, and the client was indeed scammed for USD 100,000. He is now suing the company.

Another important clue we found:

The TRN should contain four letters. This one had only two. A banker friend tried to trace the SWIFT and couldn’t—then spotted the incorrect TRN format.

Thank you again for your support.

Let’s keep in touch.

Saludos,

Gabriel Espinosa