How do money mules get money?

Money mules are recruited, sometimes unwittingly, by criminals to transfer illegally obtained money between different bank accounts. Money mules receive the stolen funds into their account, they are then asked to withdraw it and wire the money to a different account, often one overseas, keeping some of the money for themselves.

Who is a money mule MBCS?

Dr Deepthi Ratnayake MBCS explains money mules and their role in cyber crime. What is a money mule? A money mule is a person who transfers stolen money on behalf of others.

Can a mule be left without a bank account?

Even unsuspecting mules risk being left with no bank account and a damaged credit score.” Lauren has suffered no financial losses from her brush with money laundering. Nationwide accepted that she had made an honest mistake and is willing to let her open a new account.

What is a mule account strategy?

The strategy is a way for criminals to conceal their identities and the source of their illegal funds, and evade the customer due diligence (CDD) measures that would otherwise raise red flags. As an alternative to mule accounts set up by legitimate customers, criminals may attempt to open a mule account using a synthetic identity.