Standard Bank outlines the top targets for money muling, how they trick you, and what the consequences are if caught.
Banks have warned that the number of South Africans being tricked into becoming money mules has rocketed in the past three years as cash-strapped individuals break under the financial pressures of the rising cost of living.
“The number of people in South Africa suspected to be money mules has soared in the past three years. With increasing unemployment rates, people are looking to make money, even if it means being involved in something unethical or illegal,” she added. Criminals won’t disclose that the funds are illicit but instead put forward an enticing reason that the person in financial need deems as a potentially harmless and profitable opportunity.
A request to open a bank account in your own name or in the name of a company you form to receive and transfer money; and
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