NAB has identified AI-driven scams and new evolutions of cryptocurrency investment scams as key trends to watch out for in 2025, according to the bank’s experts.
22.01.2025 | 1 min read
Been asked to receive money and send it on to someone else? Wondered why Marty Byrde in Ozark buys cash-intensive businesses?
These are red flags of money mule activities, a key strategy criminals use in money laundering for scams and other serious crimes.
Part of popular culture through Netflix, opens in new window shows like Ozark and Narcos, money mules are people who transfer money, either knowingly or unwittingly, for other people. Money mules are committing a crime and, if convicted, can face very serious criminal penalties.
Criminals use mules and their accounts to launder money obtained from their criminal activities.
Initially, the accounts set up may be used for legitimate purposes until one day they start to be used to facilitate crime.
Money is often moved overseas or to unregulated cryptocurrency platforms, reflecting the speed and sophistication of these organised criminals.
The “mule” may receive a commission for allowing their account to be used by the criminal.
Sometimes mules can be scam victims or vulnerable people who are tricked or coerced into allowing their accounts to be used by criminal groups.
Criminals target people on social media, messaging platforms, via community groups and social settings to open, rent or buy a bank account or manipulate them into being a money mule.
It’s important to remember it’s illegal to buy, sell or rent a bank account. You should be suspicious of anyon
e asking you to receive money into your account and on send it to someone else for them.
Police anticipate criminal networks will use the start of the new university year to target foreign students, opens in new window through online job ads offering quick and easy money for tasks that seem legitimate but are ultimately illegal.
Police anticipate criminal networks will use the start of the new university year to target foreign students through online job ads offering quick and easy money for tasks that seem legitimate but are ultimately illegal.
Police anticipate criminal networks will use the start of the new university year to target foreign students through online job ads offering quick and easy money for tasks that seem legitimate but are ultimately illegal.
NAB Executive Group Investigations Chris Sheehan, a former Australian Federal Police, opens in new window executive, said three scams were commonly linked to money mules:
“The person might think they’re participating in a job, taking up an investment opportunity or helping a partner or friend they met online,” Mr Sheehan said.
Learn more about these types of scams in this explainer ‘NAB reveals five scams to watch in 2025’
In the Netflix, opens in new window series Ozark, opens in new window, Jason Bateman’s character Marty Byrde, a financial advisor in Chicago, moves his family to the remote mountain region of the same name to launder drug money for a Mexican drug cartel.
But Netflix isn’t real life and anyone can be targeted to be a money mule.
People experiencing vulnerability and international students are often key targets for criminals, according to Australia’s anti-money laundering and counter-terrorism financing regulator AUSTRAC., opens in new window
Money mules are used in many crimes, including drug trafficking and child exploitation.
Mules may have no idea where the illicit funds flowing through their account are coming from. It generally starts with a person that criminals have ruthlessly exploited.
When notified about a mule account, NAB immediately investigates and takes action to stop the muling activity.
We report mule accounts in line with our financial crime obligations and invest in robust detection and prevention systems to help protect customers.
Mr Sheehan said banks, including NAB, were supporting the AFP’s campaign , opens in new windowto raise awareness of the issue.
Money mules are a global challenge and a focus for organisations like the FBI., opens in new window
There were nearly two million money mule accounts from 257 financial institutions in 21 countries reported to BioCatch in 2024, according to a recent report.
NAB uses BioCatch’s behavioural biometrics technology in the NAB App and Internet Banking. It flags customer behaviour that appears out of character, allowing the bank to see, stop and hold potential fraud and scams in real time.
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22.01.2025 | 1 min read
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