Money Mules Used in Bank Scams

How money mules are being used to scam hundreds of thousands of dollars from bank accounts.

Money mules are people whose account is used to transfer illegally acquired funds through the banking system and out of the reach of law enforcement.

Most money mules accounts are either created using stolen identities or set up legitimately by people who are recruited to transfer money, move it offshore, withdraw it or convert it to cryptocurrency, usually for a commission.

Over a four-hour phone call, scammers gained access to Jenny’s computer and transferred $300,000 out of her account. By the time she alerted the bank, it was too late.