How does the ‘Account Rent’ model work?
In this model, cyber criminals use the bank accounts of those people who have given them access to their accounts either out of greed for money or under the influence of deception. When police track down embezzled money, they trace it back to the innocent (or greedy) person who lent their account, rather than directly to the criminal.
1. How does the ‘Account Rent’ model work?
This model works on a three-tier network and that is why the real culprit in this entire crime remains anonymous.
Layer 1: Finding the Money Mule
Layer 2: Fraudulent money transfer
Layering: The money is rapidly rotated among several different rented accounts (for example, account A to B, B to C, C to D). This makes it almost impossible for the police to track the exact source of the money and into which account the money is ultimately going.
Layer 3: Withdrawal and disappearance of money
Amit Dubey, an expert in cyber crime investigation, says, ‘Many such cases come to him in which parents talk about their children getting trapped in such frauds and using their accounts. But the sad thing is that by opening such mule accounts, they themselves become criminals instead of victims. When such people come to the attention of the police, families pay fines worth lakhs to save their children.
In what kind of fraud is it used?
The ‘account rental’ model is used in many types of cyber fraud:
Has someone taken your bank account on rent? How might this affect you?
It is most important to know how much trouble this small greed can get you into. Because by giving your bank account to someone, you can become a part of a big crime. Even if you have not committed the fraud yourself, since your account has been used to dispose of the defrauded money, the police can arrest you for serious cases of ‘money laundering’ or ‘financial fraud’.
Account Freeze: Your bank account will be immediately frozen, due to which you will not be able to withdraw even your remaining legal deposits.
Facing legal action: You may have to appear before the police of different states across the country, where victims of fraud may have lodged complaints. Heavy fine: If you are proven guilty, you may face a heavy fine along with jail.
What to do and what not to do to avoid these crimes!
To avoid cyber crime, it is important to understand that a bank account is a non-transferable legal document.
Be sure to:
