How to Avoid a Money Mule Scam

In a typical money mule scam, criminals use another person’s bank account to transfer and launder illegally acquired money. The person whose bank account is used may be a victim, unaware of the crime entirely, or they may be complicit in the fraud. Criminals often recruit through online job ads, social media, enticing — though fake — investment opportunities, prize offers or dating websites. 

To avoid becoming a victim of a money mule scam, the U.S. Postal Inspection Service and American Bankers Association Foundation(ABA) recommend the following: 

• Do not use your own bank account, or open one in your name, to receive or transfer money for an employer or anyone else.
• Do not accept or endorse a check that is not in your name, even if a friend or employer asks you to do it.
• Do not incorporate a fictitious business to deposit a check corresponding to a similarly named business.
• Never pay to collect a prize or transfer money from your prize “winnings.”
• Never send money to online love interests, even if they appear to send you money first.
• Do not listen to anyone offering you a great cryptocurrency investment or asking you to deposit money into a Bitcoin ATM.
• Never purchase cryptocurrency or gift cards on behalf of, or for, someone you met online or over the phone.
• Never share your bank passcodes, including one-time verification codes, or provide anyone with access to your bank account, online credentials, debit card number or PIN.
• Always monitor your accounts and report suspicious activity to your bank.

Anytime you see a transaction you aren't familiar with on your account, contact us at 1-800-272-0159. 

Article taken from American Bankers Association.