Summary: Amid the coronavirus pandemic, 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. Two senior attorneys at the U.S. Department of Justice discuss common characteristics of money mule scams, red flags banks can watch out for and the ways these scams can victimize senior citizens.
