Protect Yourself from the Latest Threat: Money Mule Scams
Published June 20, 2024
Scammers may try to use you to move stolen money, and if you help them, you could be what law enforcement calls a money mule. A money mule is someone who moves illegally acquired money for someone else.
Money mule scams can take different forms, but the most common are related to fake scholarships or grants, online dating relationships, work-at-home jobs or lottery prizes.
Here’s how it works:
An unknown person or company will send you money and then ask you to send a portion or all of it to someone else. Many times, they will ask you to transfer the funds electronically or purchase a gift card. While you may receive immediate credit from the initial deposit, the funds will later be returned because it is a scam. Sadly, if you fall victim to a money mule scam, you may be held liable for any transactions you authorize as part of it.
Take action to protect yourself:
Remember, scammers are skilled at convincing people to help them move money and will often make a request seem urgent.
Want to learn more? Check out the resources below:
Kinecta will never text or email you to ask for secure information. If you believe your Kinecta account has been compromised, please contact us immediately at 800.854.9846.
Scammers may try to use you to move stolen money, and if you help them, you could be what law enforcement calls a money mule. A money mule is someone who moves illegally acquired money for someone else.
Money mule scams can take different forms, but the most common are related to fake scholarships or grants, online dating relationships, work-at-home jobs or lottery prizes.
Here’s how it works:
An unknown person or company will send you money and then ask you to send a portion or all of it to someone else. Many times, they will ask you to transfer the funds electronically or purchase a gift card. While you may receive immediate credit from the initial deposit, the funds will later be returned because it is a scam. Sadly, if you fall victim to a money mule scam, you may be held liable for any transactions you authorize as part of it.
Take action to protect yourself:
- Do not let scammers pressure you into acting quickly. Take your time to think about it.
- Never share your financial or personal information with someone you don’t know or trust. Especially if you met them online.
- Be wary when receiving funds from an unknown person or company. Make sure it’s from a legitimate source. If it sounds too good to be true, it probably is.
- Contact Kinecta immediately. If you suspect you may be involved in a scam, contact us. We can help you determine if the funds are legitimate or take steps to protect your account.
Remember, scammers are skilled at convincing people to help them move money and will often make a request seem urgent.
Want to learn more? Check out the resources below:
Kinecta will never text or email you to ask for secure information. If you believe your Kinecta account has been compromised, please contact us immediately at 800.854.9846.