1 min read

422 Individuals Arrested in Global Money Laundering Scheme, According to Europol

Alina BÎZGĂ

December 02, 2020

Ad One product to protect all your devices, without slowing them down.
Free 90-day trial
422 Individuals Arrested in Global Money Laundering Scheme, According to Europol

More than 400 people have been arrested following a three-month global investigation into money laundering schemes, Europol disclosed today.

The European Money Mule Action “EMMA 6” identified 4,031 money mules and 227 money mule recruiters, and resulted in 422 individual arrests between September and November 2020.

“During the span of the operation, 1 529 criminal investigations were initiated,” Europol said. “With the support of the private sector including more than 500 banks and financial institutions, 4 942 fraudulent money mule transactions were identified, preventing a total loss estimated at €33.5 million.”

What is a money mule?

Transferring illegally obtained money between bank accounts can be a problem for cybercriminals who wish to cover their tracks, so they recruit unsuspecting individuals to do the dirty work for them. The recruitment phase may involve romance scams, remote job listings, and even easy-money advertisements on social media platforms.

The duped or “hired” individual will then receive money in their bank account from the scammer, and asked to transfer the funds to another party or make withdrawals that are later passed to others.

The law enforcement agency also said that, “although some COVID-19 related cases have been reported, payment process compromise and romance scams continue to be the most recurrent schemes,” with a particular increase in the use of cryptocurrencies by money mules.

Making matters worse, even if the money mules only unwittingly aid the criminals in their money laundering schemes, they may still face criminal charges. Additionally, the money mule may endanger himself financially by providing personal information, or suffer physical attacks and threats if they stop cooperating with the perps.

Europol recommends individuals who suspect they might be part of such an illegal operation “stop transferring money and notify your bank and your national police immediately.”

tags


Author



Right now

Top posts

The Holiday Guide to Tech Support: Fixing the Family Computer

The Holiday Guide to Tech Support: Fixing the Family Computer

November 24, 2021

2 min read
Bitdefender Celebrates 20 Years of Cybersecurity Leadership

Bitdefender Celebrates 20 Years of Cybersecurity Leadership

November 04, 2021

3 min read
Bitdefender Study Reveals How Consumers Like (and Dislike) Managing Passwords

Bitdefender Study Reveals How Consumers Like (and Dislike) Managing Passwords

October 26, 2021

3 min read
What are drive-by download attacks and how do you prevent them?

What are drive-by download attacks and how do you prevent them?

October 25, 2021

2 min read
Criminals Can't Wait to Add Your IoT Device to Their DDoS Networks

Criminals Can't Wait to Add Your IoT Device to Their DDoS Networks

October 22, 2021

2 min read
Six in 10 Consumers Faced a Cyber Threat in 2021, New Bitdefender Study Reveals

Six in 10 Consumers Faced a Cyber Threat in 2021, New Bitdefender Study Reveals

October 20, 2021

3 min read

FOLLOW US ON

SOCIAL MEDIA


You might also like

Common Credentials Criminals Use in IoT Dictionary Attacks Revealed Common Credentials Criminals Use in IoT Dictionary Attacks Revealed
Silviu STAHIE

November 30, 2021

3 min read
Interpol Busts 1,000 Cyber Crooks and Recovers $27M in Massive Fraud Crackdown Interpol Busts 1,000 Cyber Crooks and Recovers $27M in Massive Fraud Crackdown
Filip TRUȚĂ

November 29, 2021

2 min read
Social media firms will be forced to unmask online trolls, says Australia Social media firms will be forced to unmask online trolls, says Australia
Graham CLULEY

November 29, 2021

2 min read