26th June 2025 (28 Topics)
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Mule Bank Accounts
Context
A recent report has highlighted how cybercriminals are increasingly using 'mule bank accounts' to launder stolen or illicit funds, making it difficult for authorities to trace and disrupt online financial fraud networks.
What are Mule Bank Accounts?
- Mule bank accounts are legitimate bank accounts (often KYC-compliant) that are used by criminals to receive, move, or withdraw illegally obtained money.
- These accounts are usually opened by unsuspecting individuals (called "money mules") who are either tricked, paid, or coerced into allowing their bank accounts to be used for criminal purposes.
- In some cases, fraudsters open accounts in other people's names (through identity theft), or convince people through online job scams to transfer money on their behalf.
- Key challenge: Because these accounts appear genuine and follow proper documentation, it becomes very hard for law enforcement to identify them as part of money laundering or cyber fraud networks.
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