PETALING JAYA: Many are being enticed by “friends” to lend their bank cards or accounts to strangers for quick cash. What may seem like an easy way to make money can actually make you an accomplice of scam syndicates, according to cybersecurity expert Fong Choong Fook. Fook, the founder and CEO of LGMS, said that syndicates frequently use these tactics to get victims to willingly give up their accounts for use as mule accounts.
One common tactic scammers use, as highlighted by Fook, is to get students to introduce the scheme and persuade their friends to get involved. The promise of making money without doing much is often used by these students to entice their peers.
According to Universiti Tunku Abdul Rahman (UTAR) Centre for Media and Communication Research chairman Dr Sharon Wilson, a mule account is a temporary bank account used by criminals to receive and transfer stolen money. Wilson also explained that these illegally acquired funds are deposited into the victims’ bank accounts, who are offered a small token in exchange for their participation. The reported sum could be as low as RM500 per bank card.
Wilson described mule accounts as a “hidden pit stop along the crime highway,” where money is disguised before reaching its final destination. Victims are often unaware of the illegal activity and might be instructed to transfer the money elsewhere or withdraw it in cash and deliver it to someone.
She also stated that individuals who participate in mule account activity could face legal repercussions and damage their financial standing.
Raymon Ram, a criminologist, emphasized that the elderly, individuals in financial distress, young adults, and the unemployed or underemployed are the main targets for these types of scams. He stressed the importance of raising public awareness and education about these scams, as well as encouraging the use of the SemakMule Portal to identify accounts used by scammers.
He also highlighted the need for more stringent verification processes and ongoing monitoring by banks, as well as enhanced collaboration between financial institutions and law enforcement to identify and act against such accounts.
