While using mules to smuggle drugs is an age-old tactic, there’s a noticeable shift towards bank fraud in recent times.
Be Cautious During the Holiday Season
Over the past few months, banks and financial authorities have been sounding the alarm on a sophisticated scam involving so-called banking mules
. This method allows criminals to launder money by manipulating unsuspecting victims and utilizes the banking system to make illicit funds untraceable.
How Does This Scam Work?
An individual will mistakenly transfer money—often through a platform like Paylib—to a target’s account. They will then contact the target via SMS or a direct call, claiming they made a mistake due to a similar account number of a known contact. They request the money be sent back. These scammers are persuasive, applying pressure, and playing on guilt or emotions (mentioning a grandmother, for instance).
Once the amount is returned, the fraudulent origin of the money becomes obscured. There’s no theft or hacking involved, but rather a laundering of funds, as this helps to bypass bank traceability mechanisms. In some instances, criminals might even offer a financial reward in exchange for the victim’s complicity
.
What Should You Do in This Situation?
If you find yourself in this predicament, do not transfer the money blindly (nor should you keep the money). The best course of action is to contact your bank (which can trace the transfer), or even report the incident to the police or any other suspicious activities.
The rise in cyberattacks further exposes sensitive data (such as bank details and personal information), making it easier for such frauds to occur.
• Research any company or individual offering you a job.
• Never give out your bank details, credit card, or PIN to anyone unless you know and trust them.
• Reject any offers of easy money. If it sounds too good to be true, it probably is.