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Police Case Filed on ‘Money Mules’ by HDFC bank

The scam of money mule has crossed boundaries. Even the banks have noticed incidents of dupers from abroad, who attracts the innocent users by appearing as global payment companies to join them as "money transfer agents" and illegally accessing their bank accounts to acquire money.

India's second largest private sector bank - HDFC - has filed a complaint against it; as a result, the cyber crime cell of Mumbai Police has started an investigation.

As reported by Business Standard on December 19, 2007, HDFC bank's Chief Information Security Officer, Vishal Salvi, said that after getting a complaint from a customer that he has been attacked by this scam, they started working out to arrest the money mule. He also informed that the cyber crime cell has started the investigation to trace the true origin of this fraud.

Hackers thieve customer's account details using methods like phishing and send the money to an account owned by the hacker. After that, they resort to select money mules by giving advertisement in newspapers or online job, by using chat rooms, snail mails, newsletters and spam mails. spammers and hackers appear as a top level executive or manager and doest not demand any specific technical knowledge for the job and also claims that it is a very simple method to make money which only involves transfer of funds.

This so-called job of 'money mule' has also been discovered in other private sector banks and they have also come to know few account-holders who got into fake transfer of money but they didn't divulge further details about such people.

Without being known that they are appointed as 'money mule', the account holders got the funds regularly and also received directions on how to transfer the money excluding their commission to some accounts in overseas, which will be closed after some time. Unfortunately, these account-holders fall an easy prey to the thought of earning easy money but they have no idea that they working as a mule that is strictly illegal.

The complaint by HDFC released soon after the RBI's (Reserve Bank of India) warning, suggesting the public not to get attracted to any illusory offers for the release of cheap funds which claim to have been received by entities abroad to banks in RBI or India.

Related article: Police Arrests Six Suspects Associated With TJX Credit Scam

» SPAMfighter News - 12/31/2007

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