Security Bank reminded their clients not to accept easy-money offers in exchange for their bank account information.
Security Bank reminded their clients that they shouldn’t accept easy-money offers in exchange for their bank account information.
Security Bank has joined other big banks in the campaign against “money mules” in the Philippines as the bank reminded their clients not to accept easy-money offers in exchange for their bank accounts.
The listed bank told their clients through email that giving third party access to their bank accounts or “money muling” is a crime punishable under the Anti-Money Laundering Act of 2001 (AMLA) or Republic Act 9160.
READ ALSO: BPI Warns Clients vs “Money Mule” Scams
Security Bank said that the appeal of cash commissions from becoming a “money mule” is not worth being involved in criminal activity. According to Security Bank, clients shouldn’t accept easy-money offers in exchange for their bank account information.
“Remember, even if you know the third party asking for access to your account, do not lend your information,” Security Bank said. “Keep your bank account details to yourself much like any other personal and confidential information.”
Security Bank explained that account holders must be responsible, take extra precautions, and not let any person 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 wherein people are enticed to sell or lend their bank accounts for purposes of receiving fund transfers or deposits from illegal sources.
Through the illegal activity, scammers and fraudsters offer PHP 1,000 to PHP 5,000 to buy the bank accounts to be used to launder money.
“This scheme allows dirty money or money obtained from criminal activity to be moved around,” the bank said. “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.”
Last month, the Bank of the Philippine Islands (BPI) reminded their clients that they should be careful as the number of “money mule” scams increased.
BPI chief digital officer Noel Santiago said that unbanked Filipinos are at greater risk of being exploited as “money mules”. Based on Bangko Sentral ng Pilipinas’ 2019 record, more than 51 million adult Filipinos remained unbanked.
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