Press Release No.12/25 - Public Warning: Money Mule Scam Targeting Local Bank Account Holders
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The Central Bank of Solomon Islands (CBSI) through the Solomon Islands Financial Intelligence Unit (SIFIU) is urging the public to remain vigilant following reports of sophisticated scam targeting individuals in the Solomon Islands. The scam involves the misuse of personal bank accounts to launder money through a series of transfers, ultimately benefiting the scammer.
How the Scam Works:
- Victims are approached by scammers often online via social media platforms like Facebook or WhatsApp, or through phone calls, who trick them into revealing their bank account details using false pretenses such as fake job offers, financial aid, investment opportunities, romance, or inheritance.
- Victims are told to deposit funds via cash or mobile transfer into an unknown third-party local bank account (who are likely victims as well), then the local bank account owners are advised to withdraw the deposits and further deposit/transfer the money to another third-party local account and so on.
- This process is repeated through multiple accounts (typically three or more) called Money Mules, disguising trails of transactions that obscures the origin and destination of the funds.
- The money eventually reaches a local bank account accessed by the scammer, through a Visa Debit Card (VDC) that locals have sent to the scammers overseas.
This scam is part of a money mule operation, which is illegal and can result in serious consequences for those unknowingly involved.
What You Should Do:
- Never share your bank account details with unknown individuals or entities, especially those ones you met online. This includes sharing your Visa Debit Card (VDC).
- Report suspicious activity to your bank, the Royal Solomon Islands Police Force (RSIPF), or the Solomon Islands Financial Intelligence Unit (SIFIU).
- Educate family and friends about the risks of online scams and money laundering schemes.
For more information, please contact: Central Bank of Solomon Islands, Corporate Communications Unit. Email: info@cbsi.com.sb or nhivae@cbsi.com.sb | Phone: +677 21791| Website: www.cbsi.com.sb
About the Central Bank of Solomon Islands:
The Central Bank of Solomon Islands (CBSI) is the nation’s premier financial institution, responsible for formulating and implementing monetary policy. CBSI oversees and regulates the country’s banking and financial system, ensuring economic stability and growth.