More people becoming "money mules" in S'pore: Police
POSTED: 11 May 2013 8:04 PM
A police car in Singapore (photo: Francine Lim, channelnewsasia.com)
SINGAPORE: Police say "money mules" are becoming an emerging trend in Singapore. In the first quarter of 2013 alone, 54 such cases involving a total of S$7.4 million was reported.
The scheme involves money fraudulently transferred from overseas bank accounts to money mules here. There were 171 victim bank accounts in countries like the US and Canada that were compromised.
Of the 80 money mules involved, the majority earned a monthly income of S$3,000 and below.
Anyone guilty of dishonestly receiving stolen property, can be jailed for up to five years, fined, or both.
The crime involves fraudsters hacking into accounts overseas, and getting the email address and banking details of customers. The fraudsters then email the banks, telling them to transfer funds to accounts held by the money mules in Singapore.
The mules had been recruited earlier through social networking sites.
When the mule receives the money, they will transfer it to other mules before it reaches the fraudster.
The mules are also allowed to retain a portion of the funds, in order to entice them to the scheme.
- CNA/ac
