What Is The Money Mule Scam?

posted on Thursday, July 30, 2020 in Fraud

In this time of uncertainty, the last thing you need to worry about is keeping yourself and your money safe from fraud. One of today’s most serious scams uses your bank account to aid criminals. Here’s a crash course on Money Mule scams, including what they are and how to recognize them.​

What is a Money Mule? 

A money mule is someone who moves stolen money from one bank account to another. They’re recruited – often unknowingly – by criminals to move money they’ve made from criminal activity. When scammers use money mules, they make it harder for authorities to track them down, so they can commit more crimes without getting caught.

How do people become Money Mules?

Fraudsters approach their money mule victims in a variety of ways including social media, email, mail or phone. However, Money mule scams are typically disguised as online job opportunities. They promise a fast and easy way to earn money. You simply provide your bank account information and let money be transferred into your account. Then you move the money out of your account for a commission. Sounds great, right?

These scams often look very appealing, which is why so many people fall for them. But behind the scenes, they’re helping fraudsters commit serious crimes.

4 tips to prevent falling for the scam:

1. Be cautious of unsolicited emails and social posts. 
2. Verify company information online or give them a call. 
3. Double check job offers from overseas companies. 
4. Never give your bank account information.

How to report the scam? 

If you have fallen victim to the Money Mule Scam, please contact us at 866.360.5370 or stop by your local branch to speak with a C1st Representative.