Scam

Don’t fall prey to these 3 common money laundering scams

Money laundering (also known as “money mule”) scams have been around for a long time, but have been gaining in frequency during the Covid-19 pandemic. That’s because many of us are quarantined at home, spending more time online, where many of these scammers prey.

Three of the most-popular money mule scams involve online love interests, work-from-home jobs, or lottery or prize winnings. Consider any offers or invitations to send or receive money in these scenarios suspect until thoroughly vetted. Any of these scams can result in you inadvertently laundering or passing on stolen money – and possibly facing financial or legal consequences.

cam #1: The foreign lover

You meet someone online who lives at a distance (maybe even another country), but they seem wonderful, and the two of you hit it off really quickly. Soon, this person starts asking you to wire them money, or receive money in your bank account or by wire transfer. They may even ask you to send money elsewhere. The excuses or reasons they give you for needing money may sound reasonable – such as needing money for plane travel, visas, or medical expenses. These aren’t real, however, and you soon start suspecting so.