So, I just received an email and text message that I had opened a savings account with a major bank I have never previously used. I didn’t open any links on the texts or email. I went to the major bank’s website directly from Google and called their fraud department. They confirmed there was an account under my name and closed it. I am filing a fraud report with the credit bureaus. I always have my credit frozen.
What is the scam here? What could some one do with a savings account linked to both my email and number?
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Are you familiar with “money mule” concept? It’s a similar thing, but instead of you being actively involved or not, your identity is used instead. That’s one of the use cases.
The purpose of this is white washing criminally acquired money.
* a criminal has retrieved a set of sum by various means (ransomware payout, digital theft, drugs pay out using bitcoin, phishing, …)
* problem: all that money is digital. Easy to find back by investigators. Digital transactions are tracked everywhere
* solution: use of money mule -> get a bank account of a person you can use. They often have multiple money mules.
* the digital money are transferred to these money mule accounts
* criminal (or acquaintance) goes to a bank booth (or multiple) and withdraw all that money cash
* end result: all digital traces lead to the money mule, but not the criminal person that has his money, in cash now.
* cash money is very hard to trace
Sure, there are camera’s at bank booth, but if a criminal is smart, they can disguise themselves or use other people (those acquaintances) to get the money in cash.
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