Red Flags for ‘Money Mule’ Scams - a podcast by American Bankers Association

Amid the coronavirus pandemic — with Americans wanting to help disease victims and healthcare workers or looking for work-from-home opportunities — cybersecurity and fraud analysts have noted an uptick in “money mule” scams, which involve a third party transferring ill-gotten or laundered money. Banks increasingly need to be on the lookout for the telltale signs of these scams.

On a recent ABA Banking Journal Podcast, sponsored by Reich and Tang Deposit Solutions, two senior attorneys at the U.S. Department of Justice discuss:

• Common characteristics of money mule scams
• The role of transnational criminal organizations
• Red flags banks can watch out for
• The ways these scams can victimize senior citizens
• The role of banks’ suspicious activity reports in stopping money mule scams
• A recent major elder fraud sweep by DOJ

Additional resources:

• ABA Foundation and FTC infographic on money mule scams
• More information from the ABA Foundation’s Safe Banking for Seniors program

Further episodes of ABA Banking Journal Podcast

Further podcasts by American Bankers Association

Website of American Bankers Association