Where your money ends up after a scam
Scammers are increasingly using verified Canadian bank accounts to launder money they obtain through fraud, creating a black market for these accounts. A Canadian cybercrime research firm found 4,337 social media posts in the past year offering to buy such accounts, often recruiting unknowing individuals known as 'money mules'. These individuals can face legal consequences even if they were unaware they were participating in criminal activity.
- ▪Scammers use purchased Canadian bank accounts to launder money obtained through fraud.
- ▪Over 4,300 social media posts were identified in the past year offering to buy bank accounts.
- ▪Individuals who let scammers use their accounts are called 'money mules'.
- ▪Money mules can be implicated in criminal activity even if they did not know they were involved.
- ▪The demand for money mules is growing due to the effectiveness of using legitimate accounts to hide illicit funds.
Opening excerpt (first ~120 words) tap to expand
Open this photo in gallery:Graeme Roy/The Canadian PressShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountListen to this episode by clicking above or subscribe to The Decibel on your favourite podcast app or platform: Apple Podcasts, Spotify, Amazon Music, iHeartRadio, Pocket Casts and YouTube.Once scammers successfully steal someone’s money, they need a place to stash it. So they are buying verified Canadian bank accounts in order to launder money. In the last 12 months, a Canadian cybercrime research firm identified 4,337 social media posts offering to purchase accounts. The people who allow scammers to use their accounts are known as “money mules”.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.
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