Money Mules: How to Protect Yourself

This month’s Fraud topic is “Money Mules” and how to protect yourself!

Let’s begin by defining the term: “A money mule is a person who moves money illegally on behalf of another person. Sometimes money mules know they are taking part in criminal activity, while others are unaware.”

Money mules make it harder for law enforcement to trace the origin of the money. They often receive a percentage of the money flowing through their account as an incentive. Others fall victim as they have a personal relationship with the criminal.

Keep these tips in mind to protect yourself:

-Be wary of online job offers. Offering illegitimate remote employment is a common tactic to trick people into becoming a money mule.

– Be suspicious if an employer asks you to form a company to open up a new bank account. Legitimate employers will not ask you to do this.

– If an individual you met online wants to use your bank account for receiving and/or forwarding money, you have good reason to be suspicious.

– Never send money or gift cards to someone you have only communicated with online.

Visit the FBI’s resources on Money Mules for more information, and as always, reach out to us immediately at 800-427-1223 if you believe you may have fallen victim.