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What is a money mule?

Money mules: understand the risks and protect yourself

Criminals are increasingly using money mules to launder illegally obtained money without leaving a trace. 

Often, these criminals target young people, students or those in financial difficulty, luring them with the promise of easy gains. In exchange, the criminals temporarily use their cards or bank accounts and may make money transfers to other countries.

Although this may seem harmless, acting as a money mule is illegal. Yet 10% of 16-24-year-olds are willing to do it for payment. So be extra-vigilant not to fall into the trap yourself and risk prosecution – and inform your children as well.

How do the scammers operate?

The process is fairly well established. Scammers try to lure people via social media, such as Instagram, Snapchat or WhatsApp, in a bar or club, in train stations and outside schools.

They ask you to:

• Transfer money through your bank account in exchange for a commission
• Lend them your bank card and PIN 
• Do exactly as they say (claiming there’s no risk involved)
• Tell them your bank account number
• Convince others to become money mules in return for payment

What are the consequences?

Those who act as a money mule once often find it hard to stop. In fact, those who refuse to continue often receive threats.

Be aware that as a money mule, you’ll be regarded as an accomplice to fraud or money laundering, even if you didn’t act knowingly.

• These illegal practices can have severe consequences: you could get a criminal record.
• Your bank account will be blocked.
• Your bank may terminate your business relationship due to your involvement in fraud or money laundering.
• Banks may refuse to accept you as a customer. Opening a new bank account or obtaining credit will become very difficult.
• You’ll have to reimburse the stolen money deposited into your account to the victims.

If the money mule is a minor, their parents may be held responsible. In practice, this means that the mule (and their parents) will have to fully reimburse the victim for the money that passed through the minor’s account.

How to protect yourself

• Refuse invitations from strangers and don’t respond to people who offer you the chance to make money quickly.
  
• Don’t give your PIN or online banking connection code or lend your debit card.
• Don’t click on banners or emails that promise to help you get rich quick.
• Talk to a trusted person and warn your loved ones.
• Use your common sense: don’t believe everything you’re told. If something seems too good to be true, it probably is.
• Report social media accounts that promise a quick and easy way to make money to the Belgian government’s Report platform, which deals with various types of scams and fraud.
• If you’re a parent, talk to your child and raise their awareness of the potential signs.

What should you do if you’ve fallen into the trap?

If you have accepted a request like this:

• Contact the Easy Banking Centre (open from Monday to Friday from 7am to 10pm and Saturday from 9am to 5pm) on 02 762 90 00. 
• Outside the Easy Banking Centre’s opening hours and only in the event of suspected fraud, call 02 433 43 80.
• Immediately block all your bank cards via Card Stop on 078 170 170 or block your debit card via the Easy Banking App.
• File a report with the police

You can find more information via Febelfin’s article entitled “What are money mules?”.

Money mules are often seduced by the promise of quick gains, but the legal and financial consequences can be devastating. It’s crucial to remain vigilant, recognise the signs of a scam and know how to act in if you become involved involuntarily. Finally, to help you use the web safely, read our tips and tricks via the link below.

Protect yourself against fraud and phishing