Sunday 11 March 2007
Advice from www.banksafeonline.org.uk
Reporting suspicious emails
If you do receive a suspected money mule email, please forward it to our report a scam email address.
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What is a money mule?
As most of the fraudsters behind these scams are located overseas and it is not possible to make cross-border transfers out of UK online bank accounts overseas, a “money mule” or “money transfer agent” is required to launder the funds obtained as a result of phishing and Trojan scams. After being recruited by the fraudsters, money mules receive funds into their accounts and they then withdraw the money and send it overseas using a wire transfer service, minus a certain commission payment.
Money mules are recruited by a variety of methods, including spam emails, adverts on genuine recruitment web sites, approaches to people with their CVs available online, instant messaging and adverts in newspapers.
Positions on offer sometimes include “UK representative”, “shipping manager”, “financial manager” or “sales manager”. They offer you the chance to earn some easy money for a few hours work each week, usually just requiring that you have access to the Internet.
Although the prospect of making some easy money may appear attractive, any “commission” payments will be recovered as they are the proceeds of fraud and you may become embroiled in a police investigation. Remember that you will be the easiest part of the chain to track down and supplying any information to the fraudsters may also put you at risk from identity fraud.
If you see an opportunity to make some easy money and the offer seems too good to be true, then it probably is!
Money Mule: How it works
1. Fraudsters contact prospective victims with “job vacancy” adverts via spam emails, letters, newspaper job adverts, Internet chat rooms or job search web sites. Jobs are usually advertised as a “financial manager” and suggest that no special knowledge is required.
2. The fraudsters convince the victim to come and work for their fake “company”. Some fraudsters even ask mules to sign official-looking contracts of employment.
3. Once recruited, money mules will receive funds into their accounts. These funds will have been stolen by the fraudsters from another account that has been compromised.
4. Mules are then asked to take these funds out of their account and to forward them overseas (minus a commission payment) typically using a wire transfer service. Acting as a mule is an illegal activity. When caught, money mules often have their bank accounts suspended, containing *all* of their money.
How can I avoid becoming involved in a money mule scam?
Be cautious about any unsolicited offers or opportunities offering you the chance to make some easy money. Be especially wary of offers from people or companies overseas as is harder for you to find out if they really are who they say they are. Take steps to verify any company which makes you a job offer and check their contact details (address, phone number, email address and web site) are correct and whether they are registered in the UK. Never give your bank details to anyone unless you know and trust them.
How to identify a money mule advert
Money mule adverts or offers can take a variety of different forms and they may even copy a genuine company’s web site and register a similar web address to add authenticity to the scam. These adverts will normally state that they are an overseas company seeking “UK representatives” or “agents” to act on their behalf for a period of time, sometimes to avoid high charges for making payments, or local taxes. The advert may be written in poor English with grammatical and spelling mistakes and they may urge you not to inform the bank or the police about the reason for making the payments. The adverts may seek people with accounts at certain banks, or Internet payment systems.
Reporting suspicious emails
If you do receive a suspected money mule email, please forward it to our report a scam email address.
Reminder:
- Be wary of any unsolicited offers or opportunities for work, especially if the company is based overseas
- Verify the details of any company that you are consider dealing with and never give your bank account details to someone you don’t know or trust
- Contact your bank immediately if you think that you may have become involved in a money mule scam
- If you see an opportunity to make some easy money and the offer seems too good to be true, then it probably is!
Detailed advice on how to protect your computer is available on getsafeonline.org.uk.
money mule
