Security Bank warns against money muling schemes

A bank account is not only a name and an account number—it is a powerful arrangement that enables managing of one’s finances, including receiving and sending money. Account holders must be responsible and take extra precaution to ensure their bank accounts are used solely by them. This means not letting anyone else use their bank accounts, especially when there are fraudsters lurking and recruiting for their money muling activities.

Money muling is a type of money laundering activity where people are enticed to lend or sell their bank accounts for purposes of receiving deposits or fund transfers from illegal sources. This makes the account holder a money mule. Fraudsters offer commissions or entice unsuspecting account holders to sell their bank accounts. Fraudsters usually carry out their recruiting activities through social media groups or by physically approaching people offering to buy their bank accounts for PHP1,000 to PHP5,000.

This scheme allows ‘dirty money’, or money obtained from criminal activity, to be moved around. Whether willingly or unknowingly, when an account holder lets their account be used by another person, they are risking the possibility of being a money mule and an accomplice to crime.

Security Bank, in an email to their clients, reminded that money muling is a crime in the Philippines and is punishable under the Anti-Money Laundering Act (AMLA) of 2001. In their social media posts and other customer messages, they urged clients to be wary and to not accept easy-money offers in exchange for account information.

Remember, even if you know the third party asking for access to your account, do not lend your information. The appeal of cash commissions from becoming a money mule is not worth being involved in criminal activity. Keep your bank account details to yourself much like any other personal and confidential information.

Immediately notify your bank of any suspicious transactions in your account. Security Bank clients may call their Fraud hotline at 8-814-2664 or send a message via Viber to +63917-893-0111.