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ABA Banking Journal Podcast

Dec 16, 2021

With the pandemic and other factors triggering growth in — and new dimensions of — “money mule” scams, how what should bankers watch out for? On the latest episode of the ABA Banking Journal Podcast — sponsored by ServiceLink — two bank fraud and AML professionals share trends they’re seeing, including:

  • Why money mules are increasingly seeking to open business accounts to move illicit cash
  • The growing intersection of money mule scams and online romance scams
  • How money mule victims, once informed by the bank that they’re likely involved in scam, move from unwitting participants to witting accomplices
  • The increase in cryptocurrency angles on money mule scams
  • Red flags that frontline bank staff should be on the lookout for
  • How money mule fraudsters perpetuate multiple cycles of fraud with the same victims through “recovery scams”

View the ABA Foundation/FTC infographic on money mule scams.