BANK of the Philippines (BPI) warned its clients and the general public to be extra cautious and never reveal their bank account information following an upsurge in cases of “money mules.”
Noel Santiago, BPI’s chief digital officer, said on Wednesday that mule accounts have become increasingly common in the last two years as criminals have seen an opportunity to profit from the country’s rapid digital usage.
Money mules, according to him, enable the movement of illegally obtained funds on behalf of others, which is a form of money laundering and is prohibited under the Anti-Money Laundering Act of 2001.
“They are usually used as conduits by criminals so that they can launder big sum of money acquired from crimes like online scams, human trafficking, drug trafficking, among others,” Santiago said.
“As in any transition, the criminal minds find ways and means to see where the opportunities are. In the past, to open an account, clients were required to go to the branch and present themselves and their IDs — so there’s a natural deterrent for anybody who has an intent to commit a crime or intent for fraud,” he emphasized.
Criminals were also looking for persons with existing accounts in exchange for a few thousand pesos, according to BPI. They would also promote on social media to entice individuals.
“As an example of how these fraudsters do it, they approach unsuspecting victims and ‘borrow’ their account for the purpose of…
