Banks Warn ‘Money Mule’ Scams Are Rising in The Philippines
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Bank of the Philippine Islands has flagged rising cases of criminals using another person’s bank account to launder money.
“Money mules,” or depositors who facilitate the transfer of illegal funds in behalf of someone else, have increased in the last two years amid a rapid shift to digital transactions, BPI said in a statement on Wednesday. East West Banking Corp. earlier issued a similar advisory.