Sources: Federal Trade Commission, US Postal Inspection Service, ABA Foundation, Department of Justice, and US Secret Service Cybercrime Investigations

“Money mule” may not be a term that you are familiar with, but it is very likely that you or someone you know has had experience with a money mule scam. Money mules are people who receive and transfer money obtained from victims of fraud. If you’ve been asked to be a money mover, you could be harming others and opening yourself up to serious consequences.

WHAT DOES A MONEY MULE SCAM LOOK LIKE?

• Being offered a work-from-home job that promises easy money with little to no effort. This “job” includes opening bank accounts in your name and then transferring funds by way of a wire transfer, ACH, mail or money service business such as Western Union or MoneyGram. You are also told to keep a portion of the money you transfer.
• Meeting an individual on an online dating or social media platform who claims to be a member of the US military stationed overseas, living in another state, or living abroad due to personal reasons or visa issues. This person claims to be unable to open a bank account and asks to use yours to transfer money.
• You are informed that you need to transfer or accept money in order to collect a prize or winnings.

COMMON MONEY MULE SCAM SIGNS:

• Communications are poorly written and include spelling mistakes and grammatical errors. 
• You may buy a plane ticket for your romantic partner or make arrangements to meet them in person, but they don’t arrive because immigration or personal issues prevent them from traveling.

HOW CAN YOU PROTECT YOURSELF FROM A MONEY MULE SCAM?

• Never share your bank account or other personal information with others.
• Never open a joint account with anyone other than close family.
• Never respond to an offer to earn quick and easy money.
• Never agree to receive and send money on behalf of others.
• Conduct online searches to verify any questionable information provided to you.
• As your employer if you can see a copy of the license/permit to conduct business in your county and state.
• Never pay to collect a prize or move any money out of your winnings.
• Never send money to an online love interest, even if they send you a check first.

REMEMBER! Money mules may face consequences from being a part of the criminal money laundering conspiracy. These consequences can include:

• Prosecution and jail time.
• Personal identity theft.
• Liability to repay the money lost by victims.
• Negative credit ratings.
• Inability to open bank accounts in the future.

If you suspect you were approached to become a money mule, or you have unknowingly become a money mule, contact law enforcement to report your suspicions. It is never too late to stop helping criminals hide proceeds from their crimes.

Bank of the Valley is a Member FDIC