Security
and Data Protection
01
Detect fraudsters early with these tips and don’t become their victim!
02
How about some easy earnings linked to money transfers?
03
Have you discovered an easy way to earn money almost without doing anything?
How to spot a scam on the job market?
- Beware of “easy earnings” offers; they don’t exist in the honest world.
- You’re asked to share or “rent” your account access.
- You’re asked to transfer funds from your account on behalf of thirds.
How to protect
yourself?
- Always verify the identity of the person you’re communicating with.
- Do not share your account access or card numbers with anyone.
- Do not rent or use your account on behalf of others.
What are Money Mules?
A money mule is someone who lets someone else use their bank account to transfer money, often keeping a little bit for themselves.
Beware of becoming
a Money Mule
Warning:
If you receive unknown money in your account, you must report it directly to
the bank and return it.
Withdrawing or transferring the funds would make you a “money mule” and criminal offender.
Withdrawing or transferring the funds would make you a “money mule” and criminal offender.
Civil Liability of Money Mules
The money mule is almost always obliged to return the funds they have earned, i.e., the reward from the fraudster.
They are also liable for releasing the funds they withdraw or forward according to the fraudster’s instructions since their actions facilitate the fraudulent act.
There may be situations where the money mule is liable in full and will be obliged to repay all the sums the fraudster sent to their account.
They are also liable for releasing the funds they withdraw or forward according to the fraudster’s instructions since their actions facilitate the fraudulent act.
There may be situations where the money mule is liable in full and will be obliged to repay all the sums the fraudster sent to their account.
Criminal Liability of Money Mules
The money mule commits the criminal offense of money laundering under the provisions of Section § 216 of the Criminal Code.
Such conduct is punishable by a fine, forfeiture of property, prohibition of activity, and imprisonment of up to ten years.
Again, as in the case of civil law, the level of punishment is proportionate to the breadth of the conduct committed by the money mule.
Such conduct is punishable by a fine, forfeiture of property, prohibition of activity, and imprisonment of up to ten years.
Again, as in the case of civil law, the level of punishment is proportionate to the breadth of the conduct committed by the money mule.
What are APP frauds?
Authorized Push Payment (APP) fraud involves fraudsters
tricking their victims into willingly making large bank transfers or sharing their personal details. APP differs from non-authorized frauds such as account hacking to steal personal details and funds.
tricking their victims into willingly making large bank transfers or sharing their personal details. APP differs from non-authorized frauds such as account hacking to steal personal details and funds.
Check out
these 6 questions
That consumers may ask themselves before hitting the “send” button:
1. Identified 8 different APP fraud typologies
APP frauds encompass a variety of scams.
UK Finance, in their Annual Fraud Report have identified 8 different APP fraud typologies as follows:
- Purchase Scams
- Investment Scams
- Romance Scams
- Advance Fee Scams
- Invoice and Mandate Scams
- CEO Scams
- Impersonation Scams: Police/Bank Staff
- Impersonation Scams: Other
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2. Is it too good to be true?
If a product being sold is too cheap, or a reward being offered is too large, with ‘no catch’, then it probably is.
3. Is the communication a little odd?
Most have a good instinct for when things feel ‘off’. This reaction might come from the entity itself that has reached out or even its wording. Remember, reputable brands rarely contact customers and ask for money.
4. Do I feel under pressure?
Most cybercriminals are under time pressure – they want to get as much money as possible from their victims in the shortest time possible. Never would your bank, for example, ask for cash so pressingly. If you ever feel forced, then this is likely a coercion tactic.
5. Is this payment method familiar?
Most in-house bank technologies compare a payer’s historical transaction activity—the type of payee, payment initiation times, or transaction value—with what is pending. If the discrepancy is too large, fraudulent activity will likely occur.
Consumers are advised to think in the same way: Is this method something I am familiar with? Is the payee someone I know? Would I normally send this much money via bank transfer?
Consumers are advised to think in the same way: Is this method something I am familiar with? Is the payee someone I know? Would I normally send this much money via bank transfer?
6. Have I been asked for sensitive information?
The fifth and bottom-line piece of advice to avoid becoming the victim of an APP scam is to never give personal details over text or email. In the UK, a legitimate entity rarely asks for these. In August 2023, the FCA placed a total ban on financial cold calling.
You’re ready — manage your money with confidence!
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