Port Macquarie residents warned as money mule scams rise through social media

PORT Macquarie and Camden Haven residents are being urged to stay alert as cyber criminals step up efforts to recruit so-called “money mules” through social media, fake job offers and online scams.

NGM Group, the parent company of Greater Bank and Newcastle Permanent, has reported a 20 percent rise in fraudulent online account openings, with criminals attempting to buy or rent bank accounts to launder stolen or illegal funds.

Craig Hollingsworth, Head of Financial Crime Operations at NGM Group, said offenders are targeting vulnerable people with promises of quick cash, sometimes offering a few hundred dollars simply for opening an account in their name.

He warned that while many victims may not realise what they are getting involved in, the activity is both serious and illegal.

More than 400 attempts were made in July to open fraudulent accounts with Newcastle Permanent.

While banks have strong processes to detect and stop fraud, Hollingsworth said criminals will simply move to another institution when blocked, making public awareness vital.

Warning signs include offers of money to open a bank account or handover account details, being paid to move money that does not belong to you, pressure to act quickly without explanation, and job opportunities that have no legitimate business behind them.

The consequences can be severe.

People caught acting as money mules may face a criminal record, closed bank accounts, restricted access to financial services, debt if stolen funds are spent, and even police charges or prison time.

“Your bank account is your identity, it’s not a product to rent out or hand over,” Hollingsworth said.

“If it feels dodgy, it probably is.”

Hollingsworth urged locals to trust their instincts and walk away from anything that seems suspicious.

Scams Awareness Week runs from 25 to 29 August.

By Sis HIGGINS