Students recruited as banking mules
(13 October 2009 – Australia) The Australian Bankers Association (ABA) and the Australian Federal Police (AFP) are sending a strong message to university students about becoming money mules during the holidays.
The ABA and AFP have prepared a fact sheet warning students not to get caught up in ‘mule’ scams.
The scams consist of a money mule allowing their bank account to be used to receive stolen funds which are then transferred to a designated account using a money remitting device or wire service, minus a commission payment.
The mule is usually approached online via email, instant message or criminals may even advertise on legitimate employment websites and publications.
Karl Kent, acting national manger, High Tech Crime Operations, AFP, said that students are very vulnerable at this time of the year as they are seeking holiday employment.
Mr Kent believes that students would be very suspicious if someone asked them to carry a package or money overseas. Similarly, students should be very suspicious about someone asking them to transfer money in and out of their bank account to other accounts.
These scams involve students in a criminal enterprise and there are serious penalties under Australian and International laws, Mr Kent added.
The prospect of making easy money may appear attractive. However, any commission payments would be recovered as they are the proceeds of a crime and the money mule could become the subject of a police investigation with penalties of 20 years imprisonment, Mr Kent concluded.
The scams consist of a money mule allowing their bank account to be used to receive stolen funds which are then transferred to a designated account using a money remitting device or wire service, minus a commission payment.
The mule is usually approached online via email, instant message or criminals may even advertise on legitimate employment websites and publications.
Karl Kent, acting national manger, High Tech Crime Operations, AFP, said that students are very vulnerable at this time of the year as they are seeking holiday employment.
Mr Kent believes that students would be very suspicious if someone asked them to carry a package or money overseas. Similarly, students should be very suspicious about someone asking them to transfer money in and out of their bank account to other accounts.
These scams involve students in a criminal enterprise and there are serious penalties under Australian and International laws, Mr Kent added.
The prospect of making easy money may appear attractive. However, any commission payments would be recovered as they are the proceeds of a crime and the money mule could become the subject of a police investigation with penalties of 20 years imprisonment, Mr Kent concluded.
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