Money Mules
Discover how to spot and avoid becoming a money mule and protect yourself from financial scams.
Money Mules are people who are recruited by fraudsters to help transfer stolen or fraudulently obtained money from bank accounts. Money Mules can also be known as ‘money transfer agents’. Fraudsters recruit Money Mules in many ways:
- Targeting students in schools and colleges offering money in return for lodging cash/cheque into their account, often using the excuse that they cannot open an account themselves.
- Posing as employers with job vacancies advertised online or in local newspapers. Often the only requirement is to have a bank account. The mule accepts the ‘job’ and in doing so becomes involved in money laundering, which is a criminal activity.
Once recruited, a Money Mule receives stolen funds into their account, this is followed by a request to transfer/forward the funds, minus their commission, usually overseas using a money/wire transfer service. The money the mule is transferring is stolen, and what they are doing is called money laundering. Those who become involved in money muling are involved in criminal activity and can be prosecuted.
Key Advice
Be Informed:
- Research any work-from-home opportunities to ensure it is a legitimate business.
- Verify any company that makes you a job offer, check their contact details (address, landline phone number, email address and website) – try calling the landline.
- Never accept payment for use of your bank account.
Be Alert:
- Be wary of unsolicited offers or opportunities to make easy money.
- Be particularly cautious of offers from people or companies overseas as it is difficult to verify their legitimacy.
Be Secure:
- Never give your bank account details to anyone unless you know and trust them.
- Never allow your bank account to be used by someone else.