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Joint Account Money Mules

Joint Account Money Mules

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How fraudsters are using joint accounts to move money

  • First, the threat actor(s) target people through phishing/smishing campaigns, where the victims are socially engineered to provide their full Online Banking (OLB) credentials.
  • Next, the threat actor(s) will typically recruit individuals to be used as money mules – recruiting is done on social media or in person.
  • Then, recruited money mules will open new accts at a financial institution branch or online or just provide their personal details to threat actor(s).
  • The threat actor(s) will then open personal checking/savings accts via the online channel in the money mule’s name. 
  • Once the mule accounts and the compromised victim accounts are in place and under the control of the threat actor, the threat actor(s) then opens a joint account online in the name of both the mule and the victim.
  • Once the joint account is established- the threat actor(s) conducts online funds transfers from the victim’s personal accounts (Checking, Savings, HELOC accounts) to the fraudulently opened joint accounts.
  • The threat actor(s) then move the money from the fraudulent joint accounts to the fraudulent individual mule accounts.
  • Finally, the threat actor(s) then instructs the money mule (the account owner) to deplete the funds from his/her account via ATM cash withdrawals, POS debit purchases, P2P payments, and in-branch over-the-counter cash withdrawals.



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