Key Points
There has been a concerning rise in mule accounts in India, according to a report '2024 Digital Banking Fraud Trends in India' by BioCatch, a leader in digital fraud detection powered by behavioural biometric intelligence..
"A mule account refers to an account that is used to receive and transfer funds acquired illegally on behalf of others," says Vikram Gidwani, BioCatch South Asia Business Head and Fraud Risk-Management Expert, BioCatch...
Gidwani explains a fraudster may contact potential victims using email, chat rooms, social media, etc., and persuade them to rent out their bank accounts or cards or receive unknown funds in their bank accounts in exchange for a reward or other forms of consideration..
"Looking at all the accounts accessed from these devices, we found the bank had only reported 11% of these as mule accounts, meaning it was likely unaware of 9 out of every 10 mule accounts," the report said.. "In India, mule accounts are being opened by legitimate Indian nationals who are selling off the use of the accounts (the "Accomplice" persona)..
You should not accept lucrative job offers or rewards or purported investment schemes or any kind of offer that seems to be extraordinarily promising i.e. too good to be true that promises fast return or zero risk which requires them to disclose their banking details including their card and/or online banking login and password.You should not share your bank account details, internet banking username and/or password, ATM Card, bank account number, types of accounts maintained with the bank, PIN Number to any third party,Scammers often pressure you into making swift decisions, such as hurriedly confirming your identity or claiming a reward..
