Accounts used for money mule schemes increasing amid rise in online transactions - BusinessWorld Online

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MONEY MULE accounts in the country have been increasing in the past two years as culprits have taken advantage of the rising use of online transactions, Bank of the Philippine Islands (BPI) said. READ:

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“As we shifted to a more digital lifestyle, we made it more convenient for legitimate clients to be on-boarded, to be accepted in thenancial industry. Now this is where those criminal minds saw an opportunity and say, ‘Maybe I can create digital accounts that can be used as a mule account,’” BPI Chief Digital OMoney mules are tapped for transfers of illicit money on behalf of someone else, Mr. Santiago said.

In some cases, Mr. Santiago said criminals would approach victims to borrow accounts to receive remittances. Previously, people went to bank branches to submit their identification documents and transact, a “natural deterrent” for committing a crime or fraud, he noted.

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