Australians warned against renting bank details to crime networks

News.com.au

4 days ago

Australians have been warned against some think is a 'harmless crime', by becoming 'money mules' and renting out their bank details to criminals.
In its latest warning the Australian Federal Police said many Australians were knowingly or unknowingly becoming money mules for criminals who used their bank accounts to move illicit money into a personal account to make the funds appear legitimate.
According to the Australian Banking Association, the major banks made moves to shut down almost 13,000 suspected accounts in the 2024 financial year, up from the 9000 accounts they had discovered in the previous year.
The big increase was largely due to an increase in detection capabilities and greater intelligence sharing between the banks and law enforcement.
These mules are paid anywhere between $200 to $500 plus a commission, which is usually 10 per cent on any money moved through the account.
ABA chief executive Anna Bligh said mule accounts were a key part of a scammer's business model and banks were focused on identifying, investigating and shutting them down.
'Renting or selling your bank account may seem harmless, but you may be unwittingly helping a scammer to rip-off a family member or someone else you know,' she said.
'Don't let criminals cash in on your bank account.
'There's a good chance you're being recruited to hide the profits of criminal activity.'
According to the AFP, criminals are targeting Australians through social media, messaging or gaming platforms, chat forums, online advertisements and even in face-to-face meetings.
These individuals will then be recruited by money laundered in three main ways.
•Employment scams – these are designed to exploit job seekers by offering what seems like quick and easy money for little work. Applicants are asked to have an Australian bank account to transfer funds and are promised a commission for their work.
•Threat scams – scammers contact victims threatening criminal charges and arrest unless they transfer and receive funds.
•Romance scams – scammers build a relationship online and then request the victim to transfer money to other accounts, typically overseas, using their personal bank account.
From here the criminal networks are increasingly telling these money mules to move the funds into a cryptocurrency exchange or ATM and global money transfer apps to make it harder to detect.
AFP Detective Superintendent Marie Andersson said it was illegal to rent, buy or sell bank account details.
'Your account may be housing money derived from scams, extortion, drug trafficking and terrorism,' Ms Andersson said
'If a criminal has access to your bank accounts and personal details, they may use this information to commit other crimes, potentially implicating you in their illegal activities.'