Tennessee Valley Federal Credit Union (TVFCU) reports numerous members have fallen victim to a “money mule scam.” TVFCU says these scams typically originate from social media posts requesting members to contact the scammers directly.
“The perpetrator will offer financial compensation in exchange for access to the victim’s online banking account or claim they will deposit money into the victim’s account. The victim is then instructed to transfer some of the funds, keeping some money as payment,” explains TVFCU.
TVFCU cautions against engaging in this activity, emphasizing its illegality and potential for severe consequences, including imprisonment. “By voluntarily providing online banking information or accepting and transferring funds, victims act as money mules, aiding in concealing the origins of illicit funds from broader scams,” states the credit union. “Participation is not only illegal but also facilitates further fraudulent activities by scammers.”
The credit union advises never disclosing online banking details or agreeing to manage transfers on behalf of unknown individuals to avoid criminal charges and financial loss.
For additional information, please visit TVFCU’s website.
