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Asked to ‘Rent’ Your Account? You’re Not Alone
Australians are being approached with offers to “rent” their bank accounts. People who rent their accounts or move illicit money in and out of their personal accounts to make it appear legitimate are known as “Money Mules”. These offers often sound like easy money or a harmless favour and often come with professional looking marketing tricking people into thinking it's a legitimate business.
But behind them is a serious criminal network that uses everyday people to move stolen or illegal funds. If this has happened to you, you’re not alone.
This article is here to help you understand the risks, protect your account, and how to take action if you’re unsure about something you’ve been asked to do.
What Is Bank Account Renting?
Bank account renting is when someone asks to use your personal bank account to receive or transfer money. You might be offered a commission, a lump sum, or ongoing payments.
It may seem like a favour or a quick way to earn — but it’s often part of a scam or other criminal activities like fraud, money laundering, drug trafficking and tax evasion. Even if you didn’t know, you could still be held responsible.
The Consequences of Money Mule Scams
Participating in a money mule scam can have serious and lasting consequences. These scams are not just financial fraud; they are often linked to broader criminal activity, including organised crime, drug trafficking, and exploitation.
If your account is used to move illegal funds, you could face:
- A criminal record, which may affect many aspects of your life including future employment, travel, housing applications, and visa eligibility
- Frozen or closed bank accounts, which may include losing access to legitimate funds
- Restricted access to banking services, with banks declining future applications or limiting account functionality based on your previous banking behaviours
- Debt, if you have unknowingly passed on stolen money or spent funds that were part of a scam
- Criminal charges, and in some instances potential imprisonment
- Further illegal activities where a criminal has access to your logins and/ or personal information and use your information to commit other crimes which could result in you being implicated in other illegal activities
It’s important to know that under Australian anti-money laundering laws, your level of knowledge is irrelevant. If you have been involved, even without full understanding, you may still be held accountable. Check out Anti-money laundering and counter-terrorism financing for more information.
If you are concerned about something you’ve been asked to do (or have already done) please contact IMB Bank and report to the Police.
How Scammers Target You
Scammers often reach out to recruit money mules via:
- Social media
- Messaging apps
- Job boards
- Romance scams
- Or even through individuals posing as real estate agents or property managers.
They target people who are doing their best to get ahead by offering what seems like a lifeline. If you’ve been approached, it’s not your fault. These scams are designed to be convincing and are designed to exploit trust and vulnerability.
Who Is Targeted?
Money mule scams often target individuals who are financially vulnerable or actively seeking opportunities. This includes:
- Students managing tight budgets or looking for flexible income
- Job seekers responding to online ads or unsolicited offers
- Small business owners navigating cash flow challenges or unfamiliar partnerships
These groups are approached because they are perceived as more likely to respond to offers that appear helpful or financially beneficial.
Common Warning Signs
Recognising the red flags early can help you avoid becoming a target:
- You are offered money to allow someone to use your account
- You are asked to share login credentials or your SIM card
- The person is vague about the purpose of the transaction
- You are told “it’s legal” or “everyone does it”
- The request comes via social media, messaging apps, or informal channels
- You are pressured to act quickly or keep the arrangement secret
What You Should Do
If you have been approached or are unsure about a request involving your bank account, take the following steps:
- Stop all communication with the scammer
- Don’t share your account with anyone you don’t know.
- NEVER share your login details with anyone.
- Report anything suspicious to IMB Bank. We’ll listen and help.
- Report to the Police via Cyber Report
- Stay informed by subscribing to scam alerts and visiting our Help Centre.
- Talk to family and friends as they may not know these scams exist.
- Reach out if you’re unsure. We’re here to help, not to judge.
How IMB Bank Supports You
IMB Bank takes fraud prevention seriously. We work closely with industry partners to protect our members and the broader financial system. Our https://www.imb.com.au/help-centre/scams-and-security/types-of-fraud-and-scams provides resources to help you identify scams, understand your rights, and take action.
If you are concerned about a recent interaction or transaction, contact us directly as soon as possible. We will listen and help you navigate the situation.
Frequently Asked Questions
Is it illegal to rent my bank account?
Yes. Even if you were unaware of the scam, allowing someone to use your account for suspicious activity may be considered money laundering.
What should I do if I’ve already shared my account?
Contact IMB Bank immediately. We will help you understand what has happened and guide you through the next steps.
How do scammers find victims?
They often use social media, job boards, and messaging apps to target people who are financially vulnerable or seeking opportunities.
Helpful Links
