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Money Mules

Learn how scammers prey on vulnerable victims to make them money mules

What is a Money Mule?

A money mule is someone who receives illegally acquired money from a third party in their bank account and transfers it to another account on someone else’s behalf. While some money mules knowingly assist in criminal activities, others may be unaware of their involvement.

 

Here are some ways money mules are recruited

Dating sites and social media platforms: Scammers may pose as lonely individuals seeking companionship and love online. They befriend victims on dating sites or social media platforms. When a trusted friendship is established, they may ask the victims to open a new bank account or use an existing one to receive money. When the money is deposited into the account, the victim is asked to transfer the money to another person or company.

Job advertisements: Money mules are recruited on messaging or social media platforms. Job tasks may include receiving and transferring funds on behalf of the company, with promise of quick cash in exchange for access to bank accounts, opening or “renting” bank accounts.

How do I stay safe?

Tip #1: Keep your personal particulars, Singpass, bank account details and payment accounts confidential.

Tip #2: Your bank account is for your own use only. Do not allow others to access, operate or control your accounts.

Tip #3: Do not receive or transfer money for individuals you do not personally know.

Tip #4: Be cautious of offers that promise payment for money transfers

Tip #5: Never request or share another person’s Singpass or personal login credentials

 

If you suspect you have been misled into receiving or transferring money on behalf of others, report it to us immediately.

Involvement in money mule activities is a criminal offence under the amended Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA)¹ and the Computer Misuse Act (CMA)², and recruits are often unaware. Remember, our Singpass, bank and payment accounts are for our own use only.

  1. 1. The use of an individual’s payment account by others to facilitate criminal activities is an offence under CDSA, and carries a fine of up to $250,000, or imprisonment of up to five years, or both.
  2. 2. The use of an individual’s own Singpass credentials by others is an offence under CMA, and carries a fine of up to $10,000, or imprisonment of up to three years, or both.

 

Sources:

https://www.scamalert.sg/scam-details/money-mule-scam