Money mule schemes have emerged as one of Rwanda’s most common financial scams, according to new data from TransUnion. Between August and December 2024, these scams accounted for 29 percent of total reported fraud losses. A year earlier, the firm found that 32 percent of Rwandans were targeted by fraud and money mule schemes between September and December 2022. While the latest figures suggest a slight drop, experts warn that money mule scams remain a major threat to the country’s financial security. ALSO READ: Over 60% Rwandans targeted by fraud in 2024, survey shows What is a money mule scam? A money mule is someone who transfers or moves illegally obtained funds on behalf of others—knowingly or unknowingly. Fraudsters often use these individuals’ bank accounts to conceal the source of stolen money and avoid detection. In a typical case, a university student might receive a message offering an easy remote job that involves receiving payments and forwarding them to other accounts. Within days, the student’s account becomes part of a money-laundering chain, exposing them to serious legal risks and possible account closure. How banks detect suspicious activity According to Steven Ndahiro, Head of Compliance at BPR Bank, local banks use advanced monitoring tools to track suspicious transactions. ALSO READ: Over 30% Rwandans targeted by online fraud, money scams “For example, if a customer has been making small, routine transactions and suddenly starts moving large sums, that triggers an alert for further analysis,” Ndahiro explained. “A student who suddenly transfers Rwf50 million or Rwf100 million would definitely raise suspicion.” He added that some mules are exploited by hackers to withdraw illicit funds. “Anyone withdrawing unusually large amounts must provide supporting documents and explain the source of the money. These procedures are designed to prevent illegal activity,” he said. How scammers lure victims Scammers often target vulnerable groups—especially job seekers—with fake employment offers, usually spread through social media. “They promise easy money, telling people they can work from home as payment agents,” Ndahiro said. “Some even use romance scams, pretending to fall in love to win trust. Before the victim realises it, they’ve helped move criminal funds, which can have serious consequences.” How to protect yourself Ndahiro advised Rwandans to stay alert and skeptical of offers that sound too good to be true. “No legitimate employer will ask you to use your personal bank account to transfer money,” he warned. He also urged the public to safeguard personal information, verify job offers, and avoid sharing bank details with strangers. Anyone who suspects they may have been targeted should contact law enforcement or the Financial Intelligence Centre (FIC). “Fighting money mule scams is both an individual responsibility and a professional obligation for financial institutions,” he said.
