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How Money Mules Are Recruited And What Can A Scammer Do With My Bank Account Number?

What Can A Scammer Do With My Bank Account Number?
How Money Mules Are Recruited And What Can A Scammer Do With My Bank Account Number?

Ever heard the story where criminals pay desperate or unemployed people to import and export, illicit goods sneakily across borders?

There's a similar trend online; where cybercriminals rely on ordinary people's bank accounts, to keep their tracks clean.

And electronically transfer thousands of dollars anywhere globally into other mule-networking digital accounts.

Other Learning Resources:

=> What is a money mule scam?

=> Money mule or money laundering

=> Criminals recruit money mules to help launder proceeds derived from online scams, frauds or crimes like human trafficking, etc.

What if a scammer has my bank details?

In the case of money launering projects, they prey on your financial weaknesses and offer may you an opportunity to make a steady income.

(Banking explained in a nutshell: Can A Credit Card Company Seize Your Property? Including A Shocking! Video about how the banking system really works.)

It may seem promising at first, but later down the rabbit-hole you may lock horns with law-enforcement, get criminally charged and blacklisted.

This Is How Money Mule Bank Accounts Work:

Learn more about: Can cyber attacks be deadly to your reputation, career, citizenship and life as you know it? Click the link above and be astounded.

  • After recruitment the mule recruiters may give you an active mobile phone number to link to your new bank account.
  • They even accompany you to the bank, their daily target is up to 5 new recruits. To convince the banks that all the accounts are connected to real people. Which helps to pass all security and identity checks.
  • A bank like Capitec for example may register up to 260 000 new accounts monthly. Which makes it extremely difficult accurately weed-out mule syndicate accounts apart from legit ones.
  • Generally every client gets a new card, unique PIN and encrypted App for every new account. The App is linked to your personal profile. The recruiter gives you a simcard, which was bought on the streets, because they're already RICA registered by the seller.
Free already RICA registered (false information)

They call their Nigerian counter parts to inform them of the new account. The Nigerian test it by transferring the first amount, the recruiter then pay the recruited person, a small fee of as little as R250 - R400; for dragging their names through the mud.

They then keep the card and other banking details - still on the persons name and use it as another mule account resource.

Can Someone Steal Your Money With Your Bank Account Number?

In short No! Not without the rest of your details like you PIN, online password or smartphone linked to you banking app.

However they can find out how much money you have in your bank balance, especially if they have an inside person in the bank.

Mule Accounts Are Created By Consented Individuals:

Criminal syndicates do their utmost best to hide their syndicates true identities to of course avoid criminal prosecution.

They even go to the extent of hiring middle-men to recruit unemployed or desparate people, to open bank accounts in their names; and resell it to them.

Which they generally use to transfer their dirty money in and out; to other networking syndicate accounts.

Why Would Anyone Sell Their Private Information For A Miserable Price?

Unemployment and ignorance is a major driver behind the possibility of potentially become a money mule to transfer blood money.

Although it's not the best way to go for any sane individual; with a clear criminal record and good credit rating.

Still many citizens falls victim to it in hope of making a quick buck. As a result they may get blacklisted or worse risk criminal conviction.

Can A Scammer Use My Bank Account Number To Defraud Me?

They cannot necessarily steal money from your account with an account number only, however they can use it on other fraudulent documents to open fake accounts.

If they collaborate with their inside people in your bank, to see your bank balance and target you for other extortion undertakings.

  1. A money-muling recruiter hires common individuals in their communities to open bank accounts.
  2. They convincingly earn their trust,remove all potential objections and deceptively calm their anxieties related to fears of legal any repercussions
  3. They usually pay the person a small percentage of money in return for their new saving account details.
  4. They diligently explain the entire process to the recruited person: How they're planning to transfer money from major accounts in and out; to other network accounts.
  5. As soon as the account details and linked simcard. Including the mobile app is handed over to the recruiter. He/she contacts the masterminds and gives them all the details by telephone call.
  6. In a matter of minutes thousands of rands/dollars are digitally transferred in and of out the account. This process actively continues for days or even months; until the bank eventually blocks it. Due to suspicious activities being detected.

The Recruiter Futher Employs The Person As A Frontline Worker In Their Scheme

Meaning that this individual works under a global network of similar recruited pawns. Who are ready to close and open new bank accounts on demand.

Rinse and repeat; they receive a small payment and hands over their account details.

Once the recruiters has the accounts they sell it to their syndicate counter parts.

Mule Accounts Are Major Problems For The Banking System:

Because it's a criminal network that sponges of their useful resources, it undermines their quality of service and online banking integrity.

It doesn't benefit their professional nature of business, it harshly ridicules their security values, spam and lower convenient banking reputation.

How Does Mule Accounts Cover The Real Cybercriminals Tracks?

Firstly it defeats, hinders or thwarts the investigation process; by putting the recruited individual in the frontline.

Because the person was originally recruited by a third party who barely knows him/her. All the account details points to the ordinary person, the recruiter takes the pin numbers, simcard for the banking app and in return pays them for it.

While the true criminal remains unknown to both recruiters and recruits, everything is done by interactions from a network of other middle-men and through telephone calls.

This Ultimately Defeats The Ends Of Justice; as nobody can truly identify the true criminal and no evidence points to him.

All this money gets funneled to a mother account and further to other mule accounts.

After opening the banking account, the bank naturally gives you a card. The recruiter advise You to specifically ask them to activate the account and link your simcard to the app.

Online banking Applications are generally designed to make our lives easier and much more manageable during these busy times.

But surprisingly there's Good and Bad in everything, just like Day versus Night. You suprisingly always find people that who go out of their ways to use it destructively. A good example of such are money-muling syndicate groups.

How Do You Protect Yourself From Cybercriminals And Muling Syndicates?

The best cyber defense for any network, device, software or application security; is an educated user.

Knowing about these kinds of threats helps to avoid them, sometimes even more than encryption keys. Fair enough; you may need a dedicated antivirus software to identify and stop invisible malware attacks.

But nevertheless the first step in every network defense starts with cyber awareness. Because if you're not aware of potential threats like money mule accounts or even malware for that matter. You won't necessarily see the need to protect yourself against it, until it's much too late and you learn by experience.

Start by bookmarking this webpage and use it as a guide, blueprint or learning resource, tool or whatever you may call it. To keep you updated of all kinds of internet, network security or information privacy related attacks as they emerge.