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The feds and Australian banks have only one piece of advice for anyone thinking of becoming a money mule: DON’T!
It may seem like an easy way to make some money on the side, but the Australian Federal Police and the Australian Banking Association are urging Australians not to rent out their bank accounts to criminals.
Criminal enterprises, such as scammers, offer as little as $200 and up to $500 to account holders to use their accounts to move and launder money made from criminal enterprises, often scams.
“It is illegal to rent, buy or sell bank accounts, and doing so supports the criminal ecosystem,” AFP Detective Superintendent Marie Andersson said in a statement.
“Your account may be housing money derived from scams, extortion, drug trafficking and terrorism.
“If a criminal has access to your bank accounts and personal details, they may use this information to commit other crimes, potentially implicating you in their illegal activities.
“The AFP-led Joint Policing Cybercrime Coordination Centre (JPC3) works closely with financial institutions and law enforcement partners every day to target this activity and shut down accounts linked to money mule activity.”
Potential money mules, as such people are known, are recruited via social media and messaging platforms. Others are tricked into the activity via falling for scams themselves.
Anna Bligh, CEO of the Australian Banking Association, added that mule accounts are an integral part of a scammer’s toolkit.
“Using mule accounts to hide and move stolen money around is a key tactic in a criminal’s playbook,” Bligh said.
“Renting or selling your bank account may seem harmless, but you may be unwittingly helping a scammer to rip off a family member or someone else you know.
“Don’t let criminals cash in on your bank account.
“I urge Australians to steer clear if you’ve seen an advertisement or are approached to rent or sell your bank account. There’s a good chance you’re being recruited to hide the profits of criminal activity.”
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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