According to the Canara Bank website, “A money mule is someone who transfers or moves illegally acquired money on behalf of someone else, for short term profits/ gains. Criminals recruit money mules to help launder proceeds derived from illegal activities. Some money mules know they are supporting criminal enterprises; others are unaware that they are helping criminals profit. When such incidents are reported, the money mule becomes the target of police investigations, due to their involvement.”

Below are some important facts on money mules and tips to avoid according to the Canara Bank website.

Indicators of money mule

• Receiving unsolicited emails
• Getting befriended by strangers online
• Getting job offers requiring transfer of funds
• Being asked to share your Bank account details

How it works

Fraudsters contact customers via emails, chat rooms, job websites or blogs, and convince them to receive money into their bank accounts, in exchange of attractive commissions.

The fraudsters then transfers the illegal money into the money mule’s account.

The money mule’s account is then used by criminals to transfer the money to another money mule’s account – starting a chain that ultimately results in the money getting transferred to the fraudster’s account.

When such frauds are reported, the money mule becomes the target of police investigations.

How to avoid money mule scam?

Avoid interacting with unknown people online

Do not accept job offers that require transfer of money to other unknown accounts

Check the authenticity of company from where you received job offers

Do not accept any award money for which part of it is to be transferred elsewhere

If you fall prey to money mule scam, reach out to National Cyber Crime Reporting helpline 1930 and portal.

Important Don’ts for safe internet banking as per Canara bank website

• Don’t open any links in mails sent from untrusted source.
• Bank will never call or send any e-mail/SMS asking for your personal details like Account Details, Password or OTP. Don’t share your Net Banking credentials to anyone.
• Don’t keep your PC/device unattended after login to Net Banking. Always Logout completely. Don’t store your password in a file or any device without encryption.
• Don’t allow the computer/browser to remember your password. Avoid using cyber cafes and public Wi-Fi/hotspot for Net Banking login.