Awareness to Avoid Association With Money Mule Scams An Easy Guide by Money 2.0 Conference
● What is A Money Mule Scam? ● Who Is at Risk?
Table of Contents
● Red Flags You Shouldn’t Ignore ● How Can You Protect Yourself from Money Mule Fraud?
What is A Money Mule Scam? ● A money mule scam takes place when an unknown person illegally transfers the acquired money assuming someone else’s identity.
● As discussed at global finance events, money mules, who are basically cyber criminals, add layers between victims and criminals, eventually making it harder for law enforcement to trace the money trails, at all.
● They move or transfer the funds in several deceitful ways- via bank accounts, virtual currency, prepaid debit cards, or through money service businesses.
● The money mules work by gaining trust from the individual who might be in need for help.
Who Is at Risk? Foreigners In the Country
Migrants
Innocent Targets
Job Seekers
Red Flags You Shouldn’t Ignore
Job Opportunities You receive an unwanted email or direct message over social media platforms promising a lot of money without doing anything. You are asked to open a bank account in your name by a potential scammer to receive and transfer money. The job description raises suspicion.
Social Media Sites An online individual builds a relationship of trust with you asks you to receive money and then send it to people you know
How Can You Protect Yourself from Money Mule Fraud?
● You must check the legitimacy of the company approaching to you with a job opportunity by performing online searches. Steer clear of the job offers that ask you to use your own bank account to transfer and receive money. If a company is legitimate, it won’t ask you to do such activities. Be skeptical if someone you met online is asking you to open a new bank account to receive and forward money. Understand the basics. Do not give your financial information to someone you don’t know or trust, especially if you are acquainted with the person only on social media platforms.
This presentation was prepared by: Yash Dogra Manager, Money 2.0 Conference https://www.money2conf.com/