Cybercriminals Are Turning Ordinary Citizens Into Money Mules in a New ‘Rent-a-Bank-Account’ Scam

Cybercriminals are exploiting vulnerable individuals by transforming them into unwitting money mules through a sophisticated fraud known as the ‘rent-a-bank-account’ scam.

This scam involves fraudsters enticing people, often those in financial distress, with promises of quick cash in exchange for temporarily “lending” their bank accounts for transactions.

Luring Victims with Promises of Easy Money

A recent case in Pune highlights the devastating consequences of this scheme.

Ajay, a college student who lost his part-time job during the Covid-19 pandemic, responded to a Telegram message offering ₹5,000 per week to allow transactions through his account.

Assured by the scammers that the activity was “legal” and “risk-free,” Ajay shared his bank details, including UPI and netbanking credentials, and even granted remote access.

Within days, sums ranging from ₹80,000 to ₹1.2 lakh flowed into his account, only to be swiftly withdrawn or transferred.

Soon after, his account was frozen, and he was summoned by the cyber cell, revealing that his account had been used to launder money from a phishing scam targeting elderly individuals.

A Systemic Threat to Financial Integrity

According to the Report, the mechanics of the ‘rent-a-bank-account’ scam are alarmingly simple yet devastatingly effective.

Fraudsters use these accounts as drop points to route illicit funds, often linked to online scams, GST fraud, shell company operations, or even darker activities like organized crime and terrorism financing.

The account holder, unaware of the true nature or scale of the transactions, receives a small commission for their “service,” while the legal liability falls squarely on their shoulders since the account is registered in their name.

Amit Relan, co-founder and CEO of mFilterIt, explains that what appears as a harmless favor can spiral into severe criminal charges, with banks blacklisting such accounts, thereby destroying the individual’s creditworthiness and financial future.

Relan notes that the scale of this fraud is staggering, with 50,000 to 100,000 compromised accounts detected monthly, posing not just a financial risk but a national security concern.

He advocates for heightened public awareness, stricter Know Your Customer (KYC) protocols, and coordinated action between banks and law enforcement to curb this menace.

The broader implications of this scam reveal a systemic vulnerability in the financial ecosystem, as highlighted by Ashish Singhal, CEO of IBDIC. \

He emphasizes that beyond top-down regulatory measures, there is a pressing need for hyper-local awareness campaigns in regional languages to educate individuals about the risks of becoming conduits for financial crime.

Singhal also calls for robust cross-sector collaboration, particularly between telecom and banking, financial services, and insurance (BFSI) sectors, to share intelligence on emerging scam typologies and compromised accounts.

Such coordinated efforts are crucial for building a faster, more resilient defense against this pervasive threat.

As cybercriminals continue to exploit economic vulnerabilities and digital ignorance, stories like Ajay’s serve as a stark reminder that the promise of “easy money” can come at an irreparable cost, urging citizens to remain vigilant and authorities to act decisively.