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admin2 On September - 20 - 2012

The cybercrime ecosystem is forever coming up with new techniques to scam the unwary.

Cybercriminals have recently come up with a new, malicious scheme. This scheme involves offering free insurance protection against online fraud. The victims are sent a fake insurance account that purportedly covers the total amount of funds in their bank accounts. They are guaranteed that in the event of losses from online fraud, they would be fully covered by this account. It’s an offer that’s too good to be true.

The fake insurance account is actually a real bank account that belongs to a money mule.

The victims are prompted to activate their insurance coverage by authorizing a transaction. To approve the transaction they enter a password the scammers have sent to them.

Thinking they are activating their insurance coverage, what the victims are really doing is authorizing the transfer of money from their account to the money mule’s account.

The money mules are not the criminals — they have been recruited by bogus work-at-home job offers and have unknowingly become active participants in the fraud.

The money mules are told their job is to receive payments to their personal bank accounts, withdraw cash and make payments to their “employer” by Western Union or MoneyGram within the day. They are gullible people, and necessary pawns to make the scam work.

Categories: Computer Crime, Scams

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