KTT Information

GGDUBAI

New Member
KTT = Key tested telex transfer

This should be the classical system to make transfers before the swift system became omnipresent in the banking system.

Is this stil used? Are there scams related to this way of transfer?

Thx for any info.
 

Miyuki

Administratrix
Staff member
Why would anyone use it? That's why they invented SWIFT.

Scammers often use KTT because they think it's makes a scam format more realistic.
 
J

Jon317

Guest
KTT

Basically, KTT is out of the banking practice. Smaller bank around the world would have establish relationship with commercial bank to utilize their BKE.

However, fraudsters are capitalizing on this element to cheat the public.

Please refer to your bankers & they will be able to assist.
 
P

Paul Chang

Guest
Hello to everyone,

I got a question, what is the difference between a KTT transfer and the T/T transfer that we normally know? there is anyone that can tell me?

Thanks a lot.
 

De Master Yoda

Emeritus
Telegraphic Transfer or telex transfer, often abbreviated to TT, is a term used to refer to an electronic means of transferring funds. A transfer charge is often charged by the sending bank and in some cases by the receiving bank.


Historically telegraphic transfer meant a cable message from one bank to another in order to effect the transfer of money. Prior to the existence of electronic payment networks this was often directly between banks via a telex message.

Wire Transfer is just the new name for T/T. There is no inherent difference. You can call up your bank's wire department or look at their broad currency sheet as published by the treasure, you will see the words T/T mentioned (old banking term - still used today).

Different names for basically the same thing.
 
P

Paul Chang

Guest
The is some person that is offering to my boss this type of payment and come from Sweden, is europe, that not suppose to already use electronic transfer?
And it is safe, because I read a lot of people saying that they use this type of transfer in fraud. How is that came? Is not secure this type of transfer or may be because they are small bank?
 

Kat

Administrator
Staff member
Also, I don't think they use KTT in many places nowadays. Maybe in a few African countries.
 
P

Paul Chang

Guest
Thanks to everyone to answer, you guys are right, that is why I'm asking about this, we are talking about sweden, if were talking about Africa my boss won't even consider make any kind of business, but is Sweden... And that is really peculiar.
Anyway, if there is anyone who understand KTT and know how they can do the fraud or cheat, I will be grateful to all of you. (I could tell my boss to tell that guy to go to... you guy know.)

Thanks anyway.
 

De Master Yoda

Emeritus
The is some person that is offering to my boss this type of payment and come from Sweden, is europe, that not suppose to already use electronic transfer?
And it is safe, because I read a lot of people saying that they use this type of transfer in fraud. How is that came? Is not secure this type of transfer or may be because they are small bank?


We have not seen all the emails etc so it is hard for us to give an answer to you. Generally speaking the main problem is not in the way any money is transferred but sending ANY money to scammers by any means.

Once the money has been sent to scammers it is usually lost for ever. Never send money to anyone you met over the internet unless you know them personally.

"we are talking about sweden" Scammers operate in many countries, quite a few Nigerian scammers for example will emigrate or move to other countries as will other nationalities.
 
D

DontAskDontTelAviv

Guest
Good afternoon,

I'm trying to find some information and explanations about a kind of fraud I do not even know what to call. I found a possible explanation here:

https://www.treasurydirect.gov/instit/statreg/fraud/fraud_primebank.htm

and

https://www.fsc.gi/uploads/legacy/download/newsletters/news0193.pdf

But am not 100% sure this relates to the matter I wish to know more about.

I will include an example below and was hoping somebody at the treasury department would be able to help and impart some information which would aid my understanding of this problem:



This is the procedure to receive KTT two ways with our bank contact in Australia. If your guys has a good arrangement with any bank in Ukraine or other banks they are 100% sure they receive KTT TWO WAYS. Send the below information to them and let them get back to us immediately with the information needed. let them know that the bank officer will be aware of the transaction and they must call the first and make sure they receive KTT. We don't have time to be wasting with banks that don't receive KTT.-------------------------------------------------------------------------------------------------------- Please find herein an offer of Fund Transfer via KTT MT103 Two Ways from Commercial Development Bank ,Australia. if it is ok by your contact. PROVIDER to send a 20 mill euros KTT. Sender Bank: Commercial Development Bank.-Australia.

(1) Our Bank sends you a MT999 pre advise via Telex to your Telex number ……….. co-ordinates
(2) your Bank replies by KTT, that they are ready to receive
(3) then we send a MT999 Exchange of keys via the Telex
(4) your Bank replies by KTT, on the key modes
(5) then we send a MT103 KTT transfer of funds via Telex
(6) Your Bank send MT900 to draw the transfer
(7) We reply by MT910 confirm the release of funds to your designated account
(8) Transfer completed. IMP- please send receiver bank name and then on approval contract will be sent to you. Expect to hear from you urgently.
Thanks
 

Kat

Administrator
Staff member
Again, I don't think there's almost anyone using KTT. What are they telling you about the deal?
 
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