Money Muling
You agree to receive money on your bank account and to transfer it by wire transfer to another person, in exchange for a sum of money. You become a money courier, also called a “mule”.
What are the risks associated with money muling?
This is dirty money, generated by criminal activity. Even if you are not involved in these crimes, you are complicit with the criminals by helping them “launder” their money and circulate it.
It is usually not possible to track down the scammer behind the money muling. On the other hand, it is quite easy to find the mule by means of its account number. Even if the person has been “deceived” and acts without knowing it, they still risk a conviction for complicity in money laundering.
The penalties are heavy: fine, community service or even jail. But also at the banking level, with a mortgage ban or a ban on opening a bank account.
How to spot the money muling scam?
There are a number of ways that the scammer can go about finding someone who is willing to transfer money. For example, a job offer for a “money transfer agent” or “local representatives” to transfer money on their behalf. They justify this by saying that they want to avoid high transaction fees or local taxes.
If it is a “disguised” job offer, the contact person will reply to you from a Gmail, Yahoo or Hotmail email address, and not from a company domain name. The offer mentions using your bank account to transfer money, and that interactions will happen online. It doesn’t require any degree or experience, and promises to make money fast.
The scammer can also contact you live, promising to make money fast with phrases like “100% guaranteed”, “same day money” and “legal money”.
In general, the people targeted are vulnerable. They may have financial difficulties, for example unemployed people or students, or they have just arrived in a country. The victims are generally quite young.
How to avoid this type of scam?
In the money muling scam, the person will always end up asking for your bank details. Be careful never to share them.
Before responding to such a tempting job offer, make sure the business actually exists. If it is a company that claims to be based in Luxembourg, look for its name in the Trade and Companies Register. Avoid companies located abroad, as it will be more difficult to verify its existence.
Read the basic rules of cybersecurity carefully, to protect yourself against this type of scam.