Finance experts warn that if you have ever been approached to transfer money for a fee, you may have been targeted as a money mule.
“Fraudsters are always on the lookout for targets and are very sophisticated in their efforts.
“They may use emotional tactics to trick you. Never receive or send money for someone you don’t know, without knowing why or where it’s from.
“Being a money mule is a criminal offence,” finance experts say.
What is a money mule?
According to the Federal Bureau of Investigations [FBI], a money mule is someone who transfers or moves illegally acquired money on behalf of someone else.
Criminals recruit money mules to help launder proceeds derived from online scams and frauds or crimes like human trafficking and drug trafficking. Money mules add layers of distance between crime victims and criminals, which makes it harder for law enforcement to accurately trace money trails.
Money mules can move funds in various ways, including through bank accounts, cashier’s checks, virtual currency, prepaid debit cards, or money service businesses.
Some money mules know they are supporting criminal enterprises; others are unaware that they are helping criminals profit.
Money mules often receive a commission for their service, or they might provide assistance because they believe they have a trusting or romantic relationship with the individual who is asking for help.
If you are moving money at the direction of another person, you may be serving as a money mule.
|
Here’s how fraudsters recruit money mules
|
 |
 |
Through dating sites
When a trusted friendship is established, you are asked to open an account or help pay for high-value items such as airfares or medical fees.
|
|
|
 |
|
Through job offers
When you receive a job offer that requires you to accept and transfer funds on behalf of the company.
|
|
|
 |
|
Via E-mail
When you receive an email from a ‘friend’ asking to deposit money in your account, that subsequently needs to be transferred elsewhere.
|
|
|
 |
|
Through social media
When you are targeted on different platforms with offers of ‘quick cash’ in exchange for access to your bank accounts.
|
|
|
 |
|
Events
Business, networking or charity events that require you to receive and transfer funds on behalf of the ‘holding’ company or charity organisation.
|
|
|
|
How to avoid being recruited as a money mule:
|
|
Beware of people
offering fees for simply
transferring money
|
|
|
|
Never give your
bank details to someone
you do not know or trust,
especially if you meet them online
|
|
|
|
Don’t open a bank
account in your name to
receive and transfer money
for someone else
|
|
|
|
Protect your personal
and financial information,
fraudsters may use your details
to open accounts in your name
|
|
|
|
If you have been tricked into receiving or transferring money using your bank account report it to us immediately.
|
|
|
Spot – Stop – Report
|
|
Stay vigilant. If it sounds too good to be true, it usually is.
|
| Spot |
|
Spot
the warning signs
Always verify the
identity of the person
you are dealing with.
|
|
|
| Stop |
|
Stop
suspicious activity
Do not receive and
transfer funds on
someone else’s behalf.
|
|
|
| Report |
|
Report
the incident to the bank
The sooner you report it to
us, the better the chances
of stopping the fraud.
|
|
|
|
