Mar 25, 2020
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