FraudAction intelligence researchers have engaged a fraudster in an online chat, in which he offered a cashout method for compromised bank accounts by abusing the Azimo and Small World money transfer apps. During the transfer, the mule account would be concealed behind a special one-time bank account that these apps provide for single transfers, serving as an account in the middle.
Prerequisites
- A compromised bank account
- A mule account linked to an Azimo or Small World account
Procedure
- Download and open one of Azimo or Small World apps.
- Fill in the form with the transfer details.
- In the checkout, select ‘Bank Transfer’, and you will be given a special bank account number just for the specific transfer.
- Make a regular bank transfer from the compromised account to this special account.
- The money will be forwarded to the mule account.
As we know, fraudsters are always looking for new cashout methods and often abuse legitimate services to do so. Mitigation lies in awareness of the phenomenon and fine-tuning threat detection in your organization regarding the use of third party online money transfer services such as the apps mentioned in this report.
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