Armenia’s Central Bank warns of rise in ‘money mule’ schemes

The Central Bank of Armenia is warning citizens about a rise in so-called “money mule” schemes, in which criminals use individuals’ bank accounts, cards or crypto wallets to transfer illicit funds and conceal their origin.

According to a press release by the Central Bank, in such schemes, citizens are used to transfer funds obtained through criminal means and conceal their true origin and beneficiaries. People who act as intermediaries in such transactions are often referred to as “money mules.”

The Central Bank notes that anyone can become a “money mule,” sometimes without even realizing that they are being involved in criminal activity.

Criminals often find potential money mules through social media, messaging platforms, job advertisements or online dating platforms, offering easy and quick income without requiring work experience or professional qualifications.

As part of such offers, citizens may be asked to receive money into their personal bank accounts, cards or electronic wallets and then transfer it to other people or withdraw it in cash. In some cases, they may also be asked to provide access credentials for their accounts or cards.

The Central Bank warns that providing other people with access to bank accounts, cards or electronic wallets, as well as transferring third-party funds through them, may result in involvement in money laundering or other criminal activity.

Such actions may have legal consequences even if the citizen did not receive payment in return or was not fully aware of the actual purpose of the financial scheme.

The Central Bank advises citizens not to accept offers that require them to use their personal accounts, cards or electronic wallets to transfer funds belonging to other people.

The Central Bank also urges citizens never to provide others with card details, account usernames and passwords, one-time verification codes or remote access.

The Central Bank reminds citizens that financial accounts and instruments are intended exclusively for personal use, and allowing others to use them may inadvertently make a citizen a participant in a criminal scheme.