- December 5, 2014
- Category: Business
Well, you may know what phishing is in the online world. And, you may already know what a spam means. However, most of people are not familiar with the term money mule. Actually, a lot of people have already become money mules out there and they still don’t know what a money mule does mean. Well, here we go for the money mule scam explained.
Money mule is actually an individual who basically transfer money from a phished bank account to an alien bank account. The term derives from the narcotics trade where a person is paid for shipping illegal drugs. The money mule does not involve in any physical transportation or shipping but rather moves virtual money from one account to another. Today, we use to see many crooks over the internet, acting as legitimate business people and say that they want people to launder money for them. They claim the process a legal and legitimate one in all manner.
Thus, they recruit certain number of people (actually mules) for the job. The recruited persons will transfer stolen money or products from one country to another through electronic means. These people are not aware of the illegitimacy of the money or products they are transferring. Money mule scams involve moving money or products from victim’s country to scam operator’s country.
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When we go deeper to money mule scam, we will find that scam operators influence the weakness of victims, which is definitely the thirst for money. Mules might be fully unaware of what they are doing or might be a little suspicious, or sometimes they know what they are up to. However, they do it anyway.
Considering all this situations, most retail banking websites have started restricting international electronic transfers. They are looking ways to control the risks of increasing money mules. The sad thing is that money mules are getting caught and imposed a penalty whereas the real crooks stay hidden and free from all harm.
Banks are making their customers aware of money mules and ask them not to disclose their retail banking confidential details to anyone. Government is taking all possible steps to control the growing number of money mules and also to seize the original crooks behind the game.
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