UK Modulus Invest
Remember the Swiss Invest money mule scam? Well, it’s been reborn as UK Modulus Invest.
The unsolicited email claims UK Modulus Invest is one of the largest brokering firms in the UK and is currently looking for a financial manager for “cooperation with private individuals”.
The position requires the successful applicant to receive payments for ordered stocks and bonds into their bank account. The applicant would then wire transfer the money to a Modulus broker in another country where the stocks are to be purchased. Commission on transfers is 8%.
We think Modulus actually needs to employ a sub-editor to check the accuracy of their emails because this email has one big glaring mistake. It actually asks people to receive payments from “Swiss Invest” clients, not Modulus clients.
Not surprisingly, the email and website are templates used by scammers in money transfer or money mule scams.
What they actually want you to receive into your bank account is illegally gained money. Anti-fraud experts say the money transferred is often stolen from other people’s bank accounts via the Internet. Scammers use Trojan and key logging viruses to capture customer online banking details. Once you receive the money, you take your cut and pass the rest to a pre-arranged overseas destination.
Ask yourself:
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Why would a leading international company resort to unsolicited emails to recruit financial managers?
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What legitimate company would use bank accounts of private individuals for forwarding wire transfers from its customers?
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Why would a legitimate business pay 8% for international money transfers when they can set up their own bank accounts in other countries if needed?
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Why pay 8% commission when banks provide the same service at a much cheaper rate?
There are laws against money laundering. There is a real possibility that you will be prosecuted. It is not worth the risk of prosecution and a criminal record.
The United Kingdom’s banking industry website www.banksafeonline.org.uk/spotting_scams.html has an up-to-date list of other money mule scams.