The Australian Federal Police are urging Australians to be wary of a new scam spreading across social media, in which criminals lure individuals into opening legitimate bank accounts in their own name. After the account is opened, control is then handed over to the fraudster in exchange for payment.
Known as a ‘money mule scam’, this scam tricks people into becoming part of a criminal operation. The bank accounts are later used to launder money or receive funds from other fraudulent activities.
Serious Legal Consequences
While it may seem like a harmless favour or an easy way to make money, acting as a money mule is a criminal offence. Those who take part, knowingly or not, may face:
- Bank account bans or closure
- Permanent marks on their credit file
- Investigation by law enforcement
- Criminal charges for money laundering, which carry heavy penalties including prison time
What to Watch Out For
Be cautious of the following red flags:
- Job offers on social media promising “quick money” for minimal effort
- Requests to open a new bank account for someone else to use
- Being asked to share your bank login details or bank card
- Vague explanations about the purpose of the account
We take fraud prevention seriously. We monitor for unusual account activity and work closely with law enforcement and other financial institutions to shut down suspicious accounts. However, we also rely on our members to be vigilant. Never allow anyone else to use a bank account in your name.
Need help?
If you believe someone has gained access to your bank account and/or personal information, even if the scam appears unrelated to your finances, you should contact your bank immediately. A timely response can be critical.
- If you have concerns about your account contact us immediately.
- You can report cybercrime directly to the Australian Cyber Security Centre (ACSC).
- Find out how scams work, how to protect yourself, what to do if you’ve been scammed or report a scam to the Australian Competition and Consumer Commission (ACCC) via Scamwatch.
As always, we remain committed to your security and privacy online. To understand how we help to keep you safe, please refer to our Security page. For information on common scams and how to protect yourself, please visit the News section of our website.
