How to Combat the “Money Mule” Phenomenon
In recent years a relatively sophisticated type of criminality has been keeping the financial crime investigating service of the Hungarian National Tax and Customs Administration gradually occupied. An increasing number of internet scams appear to violate the trust invested in the transparent operation of financial service providers as well as exploiting the weaknesses of bank security mechanisms and the relatively slow reaction of national law enforcement agencies. The damage caused by these scams is escalating year after year. Several commercial banks providing online banking services suffered ‘phishing attacks’ in the last couple of years. ‘Phishers’ forge web pages used by customers for online banking and customers are deceived via these scam sites in order to provide their personal financial information (usernames, passwords etc.). Later, the customer’s information is abused for unlawful and unauthorized transfers. Frequently linked with the above mentioned fraudulent activity the “money mule” phenomenon is spreading rapidly, taking up various forms.
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