Beware of Attractive Offers: Don’t Become a Money Mule!
Do not fall prey to attractive (or luring) offers, offered through online job posting, social media, or direct contact which promises easy money! Knowingly or unknowingly, you may become party to unlawful activities by acting as Money Mule.
What is Money Mule?
A money mule is someone who knowing or unknowingly facilitates transactions in their account which are part of fraud schemes. Some account holders lend their account to organized criminal groups to facilitate transactions to obscure the source of funds.
Modus Operandi
Below are some of the Modus operandi adopted by the criminals/fraudsters to take money mules on board for their criminal acts by providing lucrative rewards:
- By offering lucrative monetary benefits in exchange of an account.
- Contacting via emails, chat rooms, job websites or blogs, and convince money mule to receive money into your bank accounts, in exchange of attractive commissions.
- Obtaining confidential details such as account number, UPI ID, login ID, password etc for unauthorised transactions in account.
- Obtaining of OTP to carry out transactions in mule account or directing to money mule to withdraw cash.
- By gaining access to your emails or device through VPN/APK files.
- Misuse / Stolen KYC documents to open account and conduct transactions.
Precautionary Measures
- Do not fall prey to part-time job offers, earn online and other advertisements on Internet and/or messaging platform etc. promising high commissions or high returns in short span of time.
- Never share your account details such as account number, login ID, password, UPI-ID, OTP, Debit card / credit card details with anyone, not even with anyone claiming to a Bank official or any other designated authority.
- Don’t pay to collect a promised prize or send someone money out of your winning. It is more likely to be a scam if you are told that you must pay fees or taxes to claim a prize.
- Do not download /click on any unknown/APK applications/link. Fraudsters may get an access to your confidential information including account details.
- Report any unauthorised transactions observed in your account to Bank immediately.
- Do not share OTP for debiting your account for a transaction not initiated by you.
- Do not withdraw funds on instruction of others either in form of cash, transfer or cross border remittance.
- Do not share or give control of your web or mobile screen to others.
- Do not open account on behalf of other individual request or do not rent your existing account in exchange of lucrative gains.
- Take precautions while banking on your mobile phone in public places.
Report such scam/ fraud cases to national cybercrime helpline number 1930 or report on www.cybercrime.gov.in for assistance & immediately report unauthorised cyber fraudulent transactions to the bank, if any.
Consequences
Any sort of participation as a money mule may have severe legal consequences, including criminal charges and imprisonment.
