BIZ BUZZ: Don’t be a money mule, BSP warns

The Bangko Sentral ng Pilipinas (BSP) has a simple message for Filipinos tempted by easy money: Don’t lend out your e-wallet or bank account.

The central bank warned that scammers are increasingly recruiting so-called “money mules”—people who allow their accounts to be used to receive or transfer illicit funds in exchange for a fee. While it may sound like a harmless side gig, authorities say it could leave account owners on the hook for fraud, unauthorized transactions and even criminal liability.

The BSP reminded the public that bank accounts and e-wallets are personal and that owners remain responsible for all transactions coursing through them. Under the Anti-Financial Account Scamming Act, individuals who knowingly allow their accounts to be used for scams or other illegal activities may face penalties.

The reminder comes as regulators intensify efforts to curb online fraud and financial scams, which often rely on mule accounts to move illicit funds and make them harder to trace.

In short: If the transaction isn’t yours, neither should the account activity be.