Podcast: Red Flags for ‘Money Mule’ Scams

Amid the coronavirus pandemic — with Americans wanting to help disease victims and healthcare workers or looking for work-from-home opportunities — cybersecurity and fraud analysts have noted an uptick in “money mule” scams, which involve a third party transferring ill-gotten or laundered money. Banks increasingly need to be on the lookout for the telltale signs of these scams.

On a recent ABA Banking Journal Podcast, sponsored by Reich and Tang Deposit Solutions, two senior attorneys at the U.S. Department of Justice discuss:

  • Common characteristics of money mule scams
  • The role of transnational criminal organizations
  • Red flags banks can watch out for
  • The ways these scams can victimize senior citizens
  • The role of banks’ suspicious activity reports in stopping money mule scams
  • A recent major elder fraud sweep by DOJ

If you can’t see the audio player above, click here to listen to this week’s episode.

This episode is sponsored by Reich and Tang Deposit Solutions.

Additional resources:

In this episode:

Toni Bacon
Associate Deputy Attorney General and National Elder Justice Coordinator
U.S. Department of Justice

Rich Goldberg
Senior Counsel, Complex Litigation, Consumer Protection Branch
U.S. Department of Justice

Heather Wyson-Constantine
VP, Cyber and Physical Security Policy

Monica Meinert
Deputy Editor
ABA Banking Journal