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"The Vanishing Act"...Banks warned against 'magic pen'...

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posted on Apr, 23 2011 @ 11:44 PM
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Central Bank says ink used in these Chinese pen disappear from checks, documents and other types of paper




The Central Bank has sent an urgent letter to the country’s banks, warning them against an illegal Chinese pen, dubbed the “magic pen,” which it says can be used to forge documents with its vanishing ink.The letter, headed “important and very urgent”, said such Chinese pens have been illegally smuggled into the UAE, citing a warning letter from Dubai’s general administration for criminal investigation.



In a report published on Saturday, the Arabic language newspaper 'Emarat Al Youm' said the Central Bank warned the country’s 23 national banks and 28 foreign units that the ink used in the Chinese pen could vanish within one hour to four days after writing on normal paper.





“Banks are urged not to use customers’ pens to sign on any official document and cheques to avert those Chinese pens…banks are advised to use only their own pens and to be extremely cautious when completing transactions with normal pens,” the letter said, according to 'Emarat Al Youm'.“This Chinese pen look like a normal pen but its ink is different as it disappears from cheques, documents and other types of paper, rendering those documents valueless…these pens are very cheap and are entering the UAE illegally.”
...LINK TO ARTICLE

When I first saw this article my first thought was wow someone is getting rich off these pens! but as i read on it kind of made it hard to determine who was actually gaining and losing from this? because at first i thought that people were writing out all these bad checks to other people and putting down some false information to basically get what ever they were buying for free. But by the way it sounds, banks have been getting hit by these "magic pens". The only thing i could think of was people giving their banks documents written or signed with these pens but nothing that would really make a profit came to mind. Maybe to forge cashiers checks? Any ideas?



edit on 23-4-2011 by danamae23 because: (no reason given)




posted on Apr, 23 2011 @ 11:50 PM
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Whatever screws the banks...I'm all for it.

They've been making our savings disappear for too long.



posted on Apr, 23 2011 @ 11:53 PM
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Brilliant....for the criminal minded!
I think basic forensics could be used to shade in the impression left by the signing device though, that is, unless the pen is a Shaolin Light Kung Fu style


Peace,
spec



posted on Apr, 23 2011 @ 11:54 PM
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i say they should hand these pens out to everyone..let everybody try and get some of whats been taken from them back...i know im gonna try to get me one of these...



posted on Apr, 23 2011 @ 11:55 PM
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I had a Magic Pen like that and it was pretty funny on game night... well the next game night (it takes 2 days for the ink to vanish).
But really, I don't see how they can be used in any legal documents since there's usually a carbon paper copy.



posted on Apr, 23 2011 @ 11:55 PM
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Say you sign off on a loan. The bankers signature end up on the documents, but yours doesn't. Thereby you never agreed to the Terms and conditions of the loans, but you end up with the money. Tough s##t for them right?



posted on Apr, 23 2011 @ 11:55 PM
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reply to post by danamae23
 


This is where you would really be able to make money with the pen. Legitimate letters of credit are never sold or offered as investments. They are issued by banks to ensure payment for goods shipped in connection with international trade. Payment on a letter of credit generally requires that the paying bank receive documentation certifying that the goods ordered have been shipped and are en route to their intended destination. Letters of credit frauds are often attempted against banks by providing false documentation to show that goods were shipped when, in fact, no goods or inferior goods were shipped.

Other letter of credit frauds occur when con artists offer a "letter of credit" or "bank guarantee" as an investment wherein the investor is promised huge interest rates on the order of 100 to 300 percent annually. Such investment "opportunities" simply do not exist.

I would further break it down for you but you get the picture.



posted on Apr, 23 2011 @ 11:56 PM
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Originally posted by gdaub23
i say they should hand these pens out to everyone..let everybody try and get some of whats been taken from them back...i know im gonna try to get me one of these...

We should all have them. Agreed. Or atleast learn how to make the ink.
Imagine what you can do with a printer.
edit on 23-4-2011 by illuminatitanimulli because: (no reason given)



posted on Apr, 24 2011 @ 12:20 AM
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reply to post by illuminatitanimulli
 


Maybe this would help:

www.cbsnews.com...

Who ever said the CIA wasn't good for anything?



posted on Apr, 24 2011 @ 05:37 AM
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I want one.
This would be a great way to get some revenge, not just on banks but all the parasitic institutions.
edit on 24/4/2011 by nerbot because: (no reason given)



posted on Apr, 24 2011 @ 08:04 AM
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I always wondered whatever happened to the invisible ink pens. When I was a kid, we used to be able to buy them out of comic books. This is so old-school - never thought I'd be hearing about those pens again.



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