Empowering you to bank safely and securely
Money Mules
Learn how criminals prey on the vulnerable and make them money mules.
A money mule is an individual who transfers illegally obtained money from one source to another on behalf of someone else. Money mules facilitate money laundering and other criminal activities.
The approach:
Recruiting for a variety of tasks
Criminals in search of money mules are often based overseas. They typically recruit people to help them transfer illegally obtained money between different bank accounts. This money could have been stolen, or obtained via online scams, human trafficking and drug trafficking.
Money mules are often recruited online, sometimes unknowingly. They may be asked to receive and transfer illegal funds using their personal bank accounts, or via cashier’s cheques, virtual currencies, prepaid debit cards or money transfer companies. Criminals may also recruit mules to physically move cash across international borders by land, air or sea.
The fraud:
Using monetary rewards as incentives
The victim will be asked to give their account details to the criminals, who will transfer illegally obtained funds to the account. The victim is then asked to transfer the money to a different account, often based overseas, in exchange for a commission or other perks. This is known as money laundering – a serious criminal offense that can have life-changing consequences.
Luring victims with love scams
Some criminals may use love scam tactics. They may pose as prospective partners for innocent individuals seeking real romantic relationships online. The criminals may first contact victims via social media or dating sites, building trust over time. Eventually, the criminals will get their victims to act as money mules under false pretences and deceitful tactics.
Victims who fall prey to love scams usually cooperate because they believe they have a trusting relationship with their ‘prospective partners’.
Creating fake job offers
Some criminals may use job scam tactics. They may post advertisements for a job position (usually with the job title of ‘agent’) that purportedly comes with attractive commissions. After gaining their victim’s trust, the criminals will instruct them to open a new bank account or use an existing bank account to receive and transfer illegally obtained funds to another person or company. The victim may even be paid a small commission.
Leaving no trace
By using mules, criminals are able to avoid or easily remove traces of criminal activity. This helps them to avoid raising red flags in the banking system.
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Do not act
Refuse offers to receive or forward money or packages on someone’s behalf. Do not purchase gift cards, debit cards or virtual currencies at someone else’s direction. -
Be wary of unsolicited job offers
Do not trust advertisements or people who contact you with promises of easy money for little effort, or who offer agent-type jobs that supposedly have attractive commissions if you receive and transfer funds on the company’s behalf. If you move money at the instruction of another person, you may be a money mule and found guilty of money laundering. -
Report fake job offers
Unsolicited job offers with vague job descriptions and promises of high returns tend to be scams. Do not engage with them. Instead, report them to the police and the platform you found them on (e.g. the job site). -
Protect your details
Be wary when asked to share personal information with someone whom you have not met, or when applying for jobs that may seem too good to be true. Do not share any personal or banking information, card details or One-Time Passwords (OTPs) with anyone. -
Report suspicious transactions
If you notice transactions that you did not make, notify the bank and police immediately. If money is deposited to your account and you do not know the source, do not use it.