What is Mule Account?
Mule accounts are defined as intermediary accounts used to transfer funds illegally. These funds could be stolen or laundered from illegal activities.
Risk:
- Account will be barred and blacklisted by the bank.
- Difficulties in opening a new bank account in the future.
- Face severe charges from authorities.
How to avoid being a victim?
- Do not rent out your bank account to anyone.
- Do not accept lucrative job offers that requires banking details disclosure.
- Do not help anyone to receive or transfer funds using your bank account.
- Report to the bank and law enforcement agency if you think you might already be part of a mule account scam.
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