Category: Deposit Fraud
Deposit fraud occurs when a fraudster uses a surrogate bank account to deposit illicit funds which are immediately transferred out to other bank accounts. Owners of surrogate bank accounts are usually described as a money mules.
APP Fraud Goes Viral
ODPT response to the Payment Systems Regulator (PSR) CP/10
Deposit Fraud is increasing as paper is replaced by electronic payments and surrogate bank accounts
‘Twas in another lifetime, one of toil and blood and online fraudWhen […]