Three-Account Triangulation Scam: How PSE Payments Are Secretly Converted to Cryptocurrency in Colombia

Overview of the Scam

According to a report by fintech company Vurelo, Colombia is experiencing growing incidents of a sophisticated fraud scheme known as "three-account triangulation" (triangulación de las tres cuentas). In this scheme, when a victim believes they are making a normal PSE payment for a product, their funds are instead routed to a cryptocurrency exchange account in someone else's name, converted from Colombian pesos to USDT (a stablecoin), and then transferred to another digital wallet. The victim remains completely unaware that their payment has been diverted and converted to cryptocurrency.

How the Fraud Works

The Basic Process:

• A victim makes a PSE payment for an online product or service
• The transfer is actually sent not to the merchant's legitimate account, but to a fraudster's cryptocurrency platform account
• The scammer converts Colombian pesos to USDT
• Funds are transferred to another wallet address
• The victim believes the transaction is complete while their money has become difficult to trace

Sources of Accounts Used:

• Accounts opened using false identities
• Accounts obtained through unauthorized access
• Accounts borrowed from other people in exchange for a commission

Scale of the Problem

According to Colombian banking association Asobancaria's data as of September 7, 2026:

• Banks received fraud-related dispute claims exceeding 967 billion Colombian pesos
• Digital channels accounted for 56% of disputed funds (541.5 billion pesos)
• Cryptocurrency-related fraud represented approximately 25% of that amount (about 135 billion pesos)
• This scam affects even people who have never purchased cryptocurrency before

Warning Signs and How to Recognize the Scam

Red Flags:

• Payment requests through websites that imitate official government or company portals
• Pages requesting payment for taxes or public utilities
• Campaigns or advertisements that pressure you to pay quickly
• Bank confirmation of a transfer does not guarantee the commercial transaction is legitimate

What to Verify Before Paying:

• Confirm you are on the authentic official website (type the URL directly rather than following links)
• Check that the recipient's name is accurately displayed
• Verify the payment concept (purpose of the charge) is correct
• Log into the official portal separately to confirm your payment has been recorded

Prevention Tips

Before Making a Payment:

1. Always visit official websites directly; avoid clicking links in emails or advertisements
2. Carefully review the recipient's name and payment details on the payment screen
3. Do not rush into paying for time-limited offers without proper verification
4. Do not rely solely on bank transfer confirmation as proof of legitimacy
5. Exercise extra caution with any payment involving cryptocurrency

If You Receive an Unexpected Transfer:

• Do not move or spend the unexpected funds
• Do not send the money to another account based on instructions from a stranger
• Allow your bank or platform to verify the source and arrange any refund
• Wait for the refund process to complete

When Selling USDT:

• Verify the deposit directly in your bank account or platform before delivering the assets
• Do not rely on a screenshot as confirmation; verify the deposit yourself
• Be especially cautious if the payer, recipient, and final receiver are different people
• Record the transaction ID, blockchain network used, and origin wallet address

Documentation and Reporting

Keep Records of:

• Bank statements
• Chat messages and communications
• Advertisements and offers
• Payment receipts
• PSE CUS codes or Bre-B reference numbers
• For cryptocurrency transactions: wallet addresses and transaction IDs

Where to Report:

• If you suspect fraud, provide information to the Colombian National Police (Policía) or Public Prosecutor's Office (Fiscalía) without waiting for your bank's investigation to conclude
• If your account is restricted, consult your bank about documentation needed to explain the source of funds

Important Clarifications

Receiving an unauthorized transfer does not prove your participation in a crime. When Colombia's Financial Intelligence Unit (UIAF) files a suspicious transaction report, it does not constitute a criminal accusation, judicial evidence, or a criminal sentence. The journey of these funds can begin with an ordinary purchase and end in cryptocurrency operations unknown to the person making the initial payment, which is why vigilance is necessary for all PSE transactions.