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The National Bank has blocked more than 500,000 money mule bank accounts over the past five years.
According to a report in the Nanyang Siang Pau, the National Bank has blocked more than 500,000 money mule bank accounts suspected of fraud and suspicious transactions in the past five years.
The money mule bank account intermediaries have over 2,000 bank accounts that are readily available for use by fraudsters. The broker will rent out other people’s bank accounts to the fraudsters for RM3,000 to RM5,000. The fraudsters will use these bank accounts for online gambling, love scammers, e-commerce fraud, etc.
As for the intermediaries, they will offer lucrative bonuses to attract young people to rent out their bank accounts, and young people will be cheated by the fraudsters in order to make quick money. One intermediary already has more than 2,000 bank accounts, if 50 intermediaries have bank accounts, it would be difficult to estimate.
This is why the national banks seem helpless in the face of Internet fraud, and often the police find that the bank account owners are just money mules and not the real masterminds behind the fraud syndicate when they solve the fraud cases.
In recent cases of bank deposit theft in the country, many people have accused the police and banks of doing nothing, knowing to which bank account the victim’s deposit was transferred, but being unable to arrest the other party and return the victim’s deposit.
In fact, the fraudsters used to transfer the victims’ deposits to the bank accounts of the money mules and then transferred them from the bank accounts of the money mules to the bank accounts abroad. It is difficult for the police to retrieve these deposits that have been transferred abroad.
