Money mules play a subordinate but important role in the criminal economy. They’re used to move stolen funds around, a low-level version of illicit remittance and money laundering. Researchers at Feedzai, in the course of a look at fraud in social media, have found that, while romance fraud remains common, scams designed to recruit the victims as money mules are becoming increasingly common.
The come-on, as Help Net Security reports, is designed to induce people to receive money in their bank account, and then transfer it on to some third-party account. This both moves the funds and launders them. “In the US particularly, fraudsters are targeting unwitting consumers to become money mules. Nearly half of US consumers have been approached to receive funds, yet 24% are unaware of the risks of being a money mule.” They become unwittingly complicit in criminal activity.
It’s a problem banks and other financial services firms can help their customers fend off. New school security training and education can help you help your customers recognize and refuse a scam that all too many are still ready to fall for.
