Money Mule Scams
Posted On: September 27, 2024 by San Luis Valley Federal Bank in: Financial Education
When criminals obtain money illegally, they need to hide or launder the source of the funds. One method they use is to look for people to transfer that money for them. Those people become money mules, and are used to move and launder the money.
If someone sends you money and asks you to send some or all of it to someone else, you could be a money mule. Often, scammers will approach you online, but they may also call you directly. Regardless of the particular...
6 Common Scams
Posted On: September 5, 2024 by San Luis Valley Federal Bank in: Financial Education
Most of the time, poorly formed scams are easy to spot. However, there could be times when you second guess your intuition and follow through with the scammer's requests, which ends in a disaster. Never assume a scam won't happen to you; scammers are becoming increasingly clever.
The quickest way to spot a scam is how they prefer to collect payment. Gift cards are becoming the preferred payment method. It is a scam if they ask for payments through gift cards. Gift...
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