FNB has provided a host of tips to help consumers stop themselves from becoming money mules.
FNB says the use of money mules is common across the world and is seriously hurting the local financial services industry.
“Money mule recruitment typically involves luring unsuspecting individuals with promises of easy money or job opportunities. These individuals are often unaware that they are participating in illegal activities,” Roshan Jelal, Head of Fraud at FNB Commercial, said. “The funds involved in money mule activities are often the proceeds of criminal acts, such as online scams, identity theft, bank fraud, or money laundering. By using money mules, criminals attempt to obscure the origin of the funds and make it more challenging for law enforcement to track and seize the illicit proceeds.”
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