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.
Money Mule Scam: Real Stories
22 Oct 2022 | Money Mule Scam
Do not allow others to use your bank account to conduct their transactions
I have been approached by staff claiming to be agents from SolarWinds Singapore. The contact was made today via WhatsApp text from these numbers (+65 88245483 and +60 11-2726 9844). Over the conversation,…...
16 Oct 2022 | Money Mule Scam
My bank account got frozen because I helped someone to receive and transfer money
He approached me at first through LinkedIn on july 2022, he said he is from us, we started to chat with a 12 hrs time difference, assuming he is really from us. We did voice call as well but never video…...
07 Apr 2022 | Money Mule Scam
I fell prey to an investment scam
I knew Justin (jwc) from facebook and he portrayed a luxurious life with strong forex trading. Taking a leap of faith, I opened a trading account and made money at first. He then asked me to pool the…...
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