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What Is Money Mule?

 

It is true that half of the online world is well familiar with what phishing is and almost all of them understand what a spam is. But do they know, what is money mule? The truth may be that there are probably a much bigger number of people who have already become money mules thane those who understand what a money mule actually is. The prime aim of this article is to offer the right explanation of money mule.

 

So, what is money mule? To be more, the money mule is the person who does the leg work of transferring the money from a phished bank account to a foreign bank account.

The term "mule” actually comes from the narcotics trade, where an individual is paid a fee for transporting illicit drugs. But the meaning of money mule is different as there's no physical transporting involved.


The recent times have seen crooks surfacing on web, pretending to be legitimate business people. They declare that they're looking for people to launder money for them, claiming it to be perfectly legal to do so. So they recruit some people or mules to do the job. A money mule is the person who transfers stolen money or merchandise from one country to another, electronically. The victims are unaware that the money or merchandise they have been asked to transfer is stolen. In the money mule scams, the stolen money or merchandise is moved from the victim's country to the scam operator's country.


Getting on with the explanation of money mule, these crooks recruit people with the same weakness – most often a desperate need for money. The money mules might be completely innocent of what they are getting into, or they might be slightly suspicious that something is wrong or, sometimes they fully understand what they are doing, knowing that it’s a crime, but they do it anyway.

 

Most retail banking Web sites are now placing restrictions upon international electronic transfers, to curb the menace of growing money mules. Ultimately, it’s the money mules who get caught and pay the penalty. The real crooks stay concealed and get off scot-free.

We are sure that money mule explained briefly in this article would have given you the right start to understand the term. Browse the site to get other details on the topic.

 

Merchandise is an online retailer and former retailer chain of catolog.