You know the old saying: “If it sounds too good to be try, it probably is!” – that always holds true for a class of money laundering crimes which could turn you into a “Money Mule“!
Read more to help protect you and your loved ones from fraudulent schemes where perpetrators attempt to make you into their money laundering mule.
What is a Money Mule?
A Money Mule is someone who is duped into transferring and laundering money acquired illegally in the following manner: either in person, through a courier service, or electronically (for example, by using your account with your bank, credit union or any other financial institution to transfer the funds) on behalf of others.
Usually recruited through online interactions, the fraudsters attempt to gain the trust and cooperation by promising high rewards for the “mule’s” help. The offers may seem very enticing, but try to remember that if it seems too good to be true, it probably is.
Money Mules may not be aware that they are participating in illegal activities, but the certainly can be held financially responsible and suffer criminal charges on top of that. Ignorance is certainly no defense in the eyes of the law and some money mules have been prosecuted for their ‘help’ in the money laundering.
Read more about the Money Mule Scams at this Pentagon Federal Credit Union Blog