Money Mule Scam
WHAT IS A MONEY MULE SCAM?
In this scam you unwittingly become part of a money laundering syndicate. Scammers pose as lonely individuals seeking companionship and love online. They befriend you on social media or dating sites, and after gaining your trust, ask you to open a new bank account or use your existing bank account to receive and transfer money on their behalf. You will be asked to transfer the deposited cash to another person or company, usually based overseas. You may be promised a small token for helping this online friend.
Alternatively, scammers post job advertisements on job sites and social media platforms. You are promised a commission for receiving and transferring money.
Look out for these scam signs
Be wary of people promising commissions for receiving and transferring money on their behalf.
Scammers will ask for your bank account information or personal information.
Unsolicited job offers with vague descriptions. The promise of big returns. Requests for personal information like bank account or credit card details before you take up a job. All signs that should ring alarm bells.
How to stay safe
Money laundering is a serious offence. Offenders may be fined up to $500,000 and imprisoned for 10 years.
You are responsible for all the transactions carried out on your account.
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