socialmedian: FDIC: Uptick in 'money mule' scams

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FDIC: Uptick in 'money mule' scams

Source: Washington Post

Nov 02, 2009

Summary

The Federal Deposit Insurance Corporation (FDIC) is warning financial institutions about an uptick in scams involving unauthorized funds transfers from hacked online bank accounts to so-called "money mules," people hired through work-at-home scams to help cyber criminals overseas launder money. According to the FDIC, the following are examples of events that may indicate money mule account activity: -A customer who just opened a new account suddenly receives one or several deposits, each totaling a little less than $10,000, and then withdraws all but approximately eight to 10 percent of the total (the mule's "commission"). -A foreign exchange student with a J-1 Visa and fraudulent passport opening a student account with a high volume of incoming/outgoing money transfer/wire activity. In tracking more than 50 companies over the past five months that have been victimized with the help of willing or unwitting money mules, I've spoke to dozens of folks who got