Protect Yourself Against Fraud: Money Mule Scams

Part 2 of 2—Missed Part 1? Read it here.

 

Protecting yourself against the constant onslaught of fraud is a big job. You have to be diligent to monitor your accounts and knowledgeable about the types of scams that are out there. When it comes to money laundering schemes, you can never be too cautious about staying smart and protecting yourself and your money.

 

That’s where Mountain America Credit Union comes in. We want to help keep you and your money safe. Earlier this week we posted part one of this article where we explained what a money mule scam is, addressed the question of what money cleaning means and provided tips for how to spot one, specifically on social media.

 

Today, in part two, we’re talking about how to protect yourself against this type of fraud and what to do if you think you’ve been part of a money mule scam. Adequately educating yourself on these schemes, what they are and how to protect yourself from them, is sure to come in handy if you ever find yourself in a precarious situation. So let’s jump in!

 

How can I protect myself from money schemes?

The best way to protect yourself is to remember the old adage: anything that sounds too good to be true probably is. If someone presents you with an opportunity to make a lot of money very quickly, you should definitely exercise caution. Red flags should be going up in your mind if they start offering to send you money so that you can in turn send it to someone else. This is an indicator that they are trying to use you as a money mule. Being vigilant against possible fraud and understanding what some of the major signs of money schemes are is the best protection around.

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The only way Mountain America Credit Union will ever contact you on social media is through our company account—never through an employee’s social media account, acting on our behalf.

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Additionally, be sure to monitor your bank accounts and credit reports regularly. If there is any suspicious activity or purchases that you don’t believe were made by you, contact your credit union or bank immediately so you can get it sorted out. And remember, you are entitled to a free credit report once each year.

 

If you believe you have been a victim of one or more of these money mule scams, don't hesitate to contact your financial institution immediately. You should also contact local law enforcement as well as one of the three credit agencies (Experian, TransUnion and Equifax) to place a fraud alert on your account. The agency you contact will notify the other two companies of the alert. This will help prevent any additional damage to your credit score.

 

Who is vulnerable to this type of scam?

Simple answer: anyone. With the necessity of mobile phones and the popularity of social media across all generations, it’s easier than ever for bad people to try to take advantage of you. This also means that it's more important than ever to educate those you love. Understanding the warning signs and knowing about the various types of money laundering scams can go a long way in keeping yourself and your loved ones protected. Talk to your children, parents and grandparents, and anyone else who might be at risk. Explain to them how these scams work and how they need to be wary of people they don’t know contacting them online. Tell them about what to do if they find themselves in the middle of a money scam, and share helpful resources with them so that they can take care of it.

 

How should I report an imposter?

If you do see something questionable in your social media feed, report it directly to that social media channel (here’s how to do it on Facebook and Instagram), and to the company that the scammers are impersonating. This is the quickest way to get the account removed, thereby helping others avoid the same situation. The sooner you report any suspicious activity to the right sources, the less likely it is that these money scammers will be able to take advantage of anyone else. Be proactive and take the right steps to best take care of yourself and those around you!

 

We know that the idea of finding yourself in the middle of a money mule scam can feel intimidating, and could cause some anxiety. Know that Mountain America Credit Union is committed to educating our members, and the general public, on the most effective ways of keeping personal data safe. If you ever have any questions about activity on your account, a social media post from us or any other communication that seems suspicious, don’t hesitate to contact us. For additional information, check out our website pages on fraud and online security.

 

For additional information on fraud, please visit these sites:

NCUA Fraud Prevention Center
Federal Trade Commission Consumer Protection
Internet Crime Complaint Center
AARP Fraud Watch Center