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Where your money ends up after a scam

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Where your money ends up after a scam

Scammers are using verified Canadian bank accounts to launder money

Original article
The Globe and Mail
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Open this photo in gallery:Graeme Roy/The Canadian PressShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountListen to this episode by clicking above or subscribe to The Decibel on your favourite podcast app or platform: Apple Podcasts, Spotify, Amazon Music, iHeartRadio, Pocket Casts and YouTube.Once scammers successfully steal someone’s money, they need a place to stash it. So they are buying verified Canadian bank accounts in order to launder money. In the last 12 months, a Canadian cybercrime research firm identified 4,337 social media posts offering to purchase accounts. The people who allow scammers to use their accounts are known as “money mules”.

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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.

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