SEC Warns Public: Beware of Money Muling

The Securities and Exchange Commission (SEC) has warned users of e-wallets and similar financial platforms against lending their accounts to other people as they may be utilized for money muling activities.

- By Richmond Mercurio

The SEC has urged the public, especially individuals and companies with registered bank accounts, e-wallets such as GCash and Maya, online financial platforms such as Palawan Express or other financial accounts, not to share, lend, rent out or allow other people or entities to use their personal financial accounts.

The agency said individuals or companies with these financial accounts may be used as money mules by criminal syndicates to perpetrate various financial scams.

In particular, they may be used as mule accounts or for money muling activities in financial scams, including advance fee loan scams, Ponzi schemes, illegal investment-taking schemes, money laundering activities and other illegal activities.