BTL 769 - Mule Accounts

 

The Banking Tutor’s Lessons

BTL 769                                                                              03-04-2025

Mule Accounts

A mule account is a bank account used by scammers to move stolen money. The person who owns the account is called a "money mule".

 

Scammers contact people through emails, job websites, or chat rooms. They offer "easy money" or jobs that sound too good to be true. They ask for the person's bank account details to transfer money. The money is transferred into the money mule's account. The money mule is then directed to transfer the money to another money mule's account. The money eventually ends up in the fraudster's account.

 

A money mule can be …

 

People who are unknowingly involved in money laundering

 

People who knowingly allow their accounts to be used for transferring money

 

Consequences of being a money mule

 

Law enforcement may freeze the money mule's bank accounts.

 

The money mule may face serious legal consequences.

 

To avoid becoming a money mule

 

Avoid interacting with unknown people online.

 

Don't accept job offers that require transferring money to other unknown accounts.

 

Check the authenticity of the company that offered the job.

 

Sekhar Pariti

+91 9440641014