Security News > 2023 > April > Scammers using social media to dupe people into becoming money mules

Money mules, individuals whose bank accounts are used by fraudsters to transfer money, are becoming an increasingly prominent aspect of cybercriminals' economic business models too.

In the US particularly, fraudsters are targeting unwitting consumers to become money mules.

Social media is the preferred platform for fraudsters with 42% of respondents approached on social media to become money mules.

AI holds huge potential to keep customers safe whilst also solidifying customer loyalty, with 53% of respondents feeling safer knowing their bank uses AI to protect them.

The need for accuracy when using AI is vital with 46% of respondents considering leaving their bank if it stopped a legitimate transaction, even if the issue was resolved quickly.

"With a surge in digital banking services, a willingness among customers to switch banks, and an ongoing cost of living crisis, it is more important than ever for banks to foster strong relationships with their customers and establish trust. The potential of AI and other advanced technologies to enhance security measures and better protect customers from these threats has never been more clear," concluded Barata.

News URL

https://www.helpnetsecurity.com/2023/04/21/fraudsters-targeting-consumers-money-mules/