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A good reason to avoid laundry.

How to spot a money mule scam before it finds you

If you become caught up in a money mule scam you’ll not only be helping a scammer break the law. By laundering money, you could be helping fund the activities of an organised crime or terrorist group too – which is a really good reason to avoid the laundry.

What’s a money mule scam?

A money mule scam is when a scammer tricks you into money laundering by getting you to transfer illegally gained money either unknowingly or knowingly.

By doing so, you could be breaking the law and helping criminals and terrorists.

Targeting the vulnerable

Money mule scammers often target people who need money most, especially:

  • teenagers
  • university students
  • immigrants
  • unemployed people
  • elderly people

How it works

  1. The scammer will usually contact you by email, social media or phone call.
  2. They’ll often pretend to be a prospective employer, romantic partner or prize distributor.
  3. The scammer then forwards you money and asks you to transfer it to another account, buy a lot of gift cards that you need to hand over or make a cryptocurrency transaction.
  4. To entice you, they may say you can keep a portion as a ‘commission’.

Here’s how it happened to Jason

ING customer and uni student Jason* saw a post on his socials showing a pile of notes and asking if he was looking for extra cash.

Replying, he found out all he needed to do was buy a heap of gift cards with the money sent to him and then he could keep $250.

Jason thought it sounded a bit dodgy but some quick cash would really help with the rent – plus no one’s getting hurt, right?

After sharing the moneymaking scheme with his housemates, however, he quickly realised he could be breaking the law.

*Name changed for privacy

4 tell-tale signs

Every crime has it’s MO, so here are some good clues it’s a money mule scam.

  1. Unsolicited job offers. Be cautious of job offers that involve transferring money or using your bank account.
  2. Requests for bank details. Legitimate companies will not ask for your bank account details to transfer money.
  3. Pressure to act fast. Scammers often create a sense of urgency to pressure you into transferring the money immediately.
  4. Asking for financial help. Be wary if an online love interest starts asking you to move money for them.

Specific things you can do

To help avoid a money mule scam you should:

  • research the credentials of any unsolicited employer who contacts you
  • be wary of anyone who asks you to move money on their behalf
  • never give your banking details to a person you don’t know

Better yet: Stop, Reflect & Protect

Whatever the type of scam, keeping these simple steps top of mind could help prevent you from becoming a scam statistic.

3 steps to spot scams before they find you

  1. Stop. Before sharing any details or money, take a breather to assess if you really know or trust who’s asking.
  2. Reflect. Ask yourself: ‘Could this request to move money be illegal?’
  3. Protect. Don’t proceed if things seem fishy! If you’re an ING customer and notice unusual activity on your account, place your card on hold in the ING app and call our 24/7 scams line on 1800 052 743.

For our latest security alerts and more ways ING can help to protect you and your money, visit ing.com.au/security

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. ING is a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

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