Money Laundering Job Scams

Copyright Matt Jeacock

Have you seen job listings that ask you to process payments or handle funds transfers for an employer? It sounds like an easy job, but it probably isn't even a job at all.

This types of job postings are usually scams, so think twice before you apply. Legitimate companies handle payments, credit cards and money transfer transactions directly online. There is no need for a third party to be involved, and you should never use your own bank account to conduct financial business for an employer.

How Money Laundering Job Scams Work

How do these scams work? Money laundering scams are some of the most common online job scams. Money launderers post jobs online or simply send out emails saying they are hiring employees to help process payments or transfer funds.

Types of Money Laundering Job Scams

Very often, the fake "employer" says he is from a foreign country and thus cannot transfer funds himself (and also cannot meet you in person). He or she will ask you to use your personal bank account to move what are actually stolen or bad checks, and have you keep a small percentage of the money for yourself.

When you deposit a bad or stolen check, you are liable to the bank. Not only will you have to pay the bank, but, because the money being transferred is typically stolen, you could be arrested for committing theft.

Other money laundering scams occur when an "employer" hires you for a fake job, but says he can only pay you via direct deposit.

He will then ask for your account information and personal informaiton. Rather than paying you, he will use this information to access your account.

How to Avoid Money Job Scams

To avoid becoming a victim of money scams, thoroughly research companies before applying. Be aware that no legitimate company will ask you to transfer funds before meeting you in person and conducting a thorough interview and background check.

Even then, it would be very unusual for third party financial transactions using your bank account to be part of a job description.

While companies may offer to pay you via direct deposit, no company will ever require you to use direct deposit. Therefore, make sure you are confident of a company's legitimacy before providing them with personal information or handling money for the company.

More Information on Job Scams

Avoiding Job Scams
How to tell if a job is a scam, typical employment scams, work at home scams, and how to avoid scams.

How to Report a Scam
Have you been scammed or almost scammed? Here's information on how to report a scam, including where and how to report an employment scam.

Scam Warning Signs
What's a scam and what's not? It can be really difficult to tell the difference between scams and legitimate job openings, especially when it comes to work at home jobs. Here are scam warning signs to watch for and how to spot a scam.