Money Mule Scam

What is a money mule scam?

In money mule scams, victims (the money mules) are tricked by fraudsters into laundering stolen/illegally gained money through their bank account/s. Fraudsters contact customers through emails, chat rooms, job websites or blogs and convince them to accept fund transfers into their bank accounts in exchange for attractive commissions. If successful, the criminal will then transfer the illegal money into the account of the money mule, who will be directed to transfer the funds into the account of another money mule. This creates a chain in which the money is ultimately transferred into the fraudster’s account.

How do scammers do it?

  • Step 1

The scammers contact customers via messages, emails and chat rooms, and attempt to lure them with attractive commissions. They coerce these customers into sharing their bank details and other confidential information.

  • Step 2

After receiving the requisite information, the scammers then use it to transfer illegally gained money into the account of a customer (money mule) or that of an innocent person who has no awareness of the scheme.

  • Step 3

The money mule is then directed to transfer the money into the account of another money mule, starting a chain of fraud.

  • Step 4

If the money mule fraud is reported, it is always the money mules who are arrested and not the criminal masterminds, who usually cannot be traced.

Tips to protect yourself

  • Do not respond to messages that promise lucrative opportunities in the form of jobs, commissions or lottery prize winnings. More often than not, these are all scams, so think logically and don’t respond in your excitement.
  • Be cautious of any message claiming that you have won a lottery or you offering you commission for helping to repatriate funds from an international account. More often than not, these are scammers who are trying to lure you to commit fraud.

Branches & ATMs