A Review Of Money Mule Scams
What Are Money Mule Scams? Explained simply, a “money mule” can be described as someone who is tricked into transferring financial assets on behalf of a scamming individual or a business. The person may agree to conduct the transaction thinking it’s no big deal or they may have been promised rewards for the same. However, there is a huge chance that the cash may either have been stolen or procured through illegal or nefarious methods. In such a case, the “mule” may be held accountable and become wrangled in legal issues.
Why You Should Worry? In addition to legal troubles, there have been cases where banks have made fraud claims on their customers who have been unsuspecting intermediaries and used fake checks that have been sent to them. A fake check will inevitably bounce and you will be deemed responsible for repaying the bank.
Reviewing Methods Of Fraudsters & Scammers ● ● ● ●
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Offer you a work-from-home opportunity that starts with you transferring their money to another account. Scammers making fake, spam profiles on dating apps and asking you to send someone money on their behalf. Might offer gift cards or give you a check. May claim that you have won a prize through a spam email and request you to initiate the money transfer process by sending a stipulated amount to another entity. Promises of quick and easy money. A social media contact claiming that they can’t transfer money to a particular account and spamming you with requests to help them out.
Protecting Yourself From Such Scams 1. 2. 3.
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Don’t respond to spam emails! If you do, you run the risk of exposing your system and private information to fraudsters and hackers. Don’t open a bank account on the behest of someone else. Refrain from accepting jobs that seem shady. Trust your gut and don’t fall for scammers when they promise you a percentage of the money you have been asked to transfer. Be wary when a stranger asks you to be an intermediary for check encashment or gift card collection.
What To Do If You Have Unwittingly Been A Part of Such A Scam? ● ● ● ●
Stop contacting the fraudsters as soon as you realize that you are being conned. Keep a detailed record, including screenshots, of your interactions with the scammers. Get in touch with bank officials right away. Report the matter to the Federal Trade Commission. It will review the entire matter and take appropriate action.
Thank You! Presented by: Shashank Tayal Manager, Money 2.0 Conference https://www.money2conf.com/