Have you seen advertisements on your social media feeds for the opportunity to make easy money by renting out your bank account?
The requirements seem reasonable: online banking, a transaction authorisation code (TAC) linked SIM card, and an active ATM card.
In return for letting the bank account be used for transactions by a third party for a fixed minimum period, you’ll get some money back.
But is renting out your bank account financial fraud?
Although the promise of easy money is tempting, becoming a money mule is a bad idea.
According to Sebenarnya.my, the bank account rental advertisements are put up by scam syndicates who would use the accounts as proxies to scam others.
It says often times, the youth or those desperate for money will find such ads attractive in order to earn a quick buck without realising that they are indirectly involved in financial fraud activities.