Get-rich-quick schemes
The idea of making quick, easy money is tempting. And scammers know it. Learn how they work so you can avoid falling into their traps.
What is a get-rich-quick scheme?
These scams sometimes involve criminals trying to transfer stolen money through someone else's bank account so the authorities can't track them down. If you move stolen money for someone, you're acting as a money mule.
How scammers work
Young people are common targets of get-rich-quick schemes. Scammers will approach you on social media or in public places. They may ask you to let them use your bank account to make transactions in return for cash. They'll tell you it's a quick, easy way to make money. But because the money was made from illegal activity, participating in the scam is a crime.
What are the risks?
Criminals will tell you that you won't get into trouble for letting them use your account. This is not true. You are responsible for any fraudulent transactions on your account. Even if you didn't know it was a scam, you're an accomplice to fraud.
Being involved in fraud can lead to serious consequences. For example, you may:
- Have to pay the money back and see your account closed
- Have trouble getting a loan to buy a car or home
- Have difficulty getting a job in fields like security, law or finance
- Be investigated by the police and prosecuted
Heads up, parents!
If your child is a minor, you may have to pay the money back even if the account used for fraud was opened without your consent.
3 warning signs for parents
- Your child has new clothes or expensive things and appears to be spending more than usual.
- They seem stressed or anxious, or get defensive when you talk about money.
- Your child is hanging out with new people and doesn't talk about them.
How to spot a get-rich-quick or money mule scam
The best way to avoid these kinds of scams is to know how to spot them. Here are some red flags to watch out for.
- Someone you don't know, who might claim to be a friend of a friend, contacts you on social media or in a public place.
- You receive a tempting offer to make a lot of money quickly and with no risk.
- You're asked to make transfers, withdrawals or other transactions with your account.
- You'll need to give your banking information to someone.
- You're promised a cut of the money in exchange for using your account.
Example of a scammer message
Scammers may use social media posts to attract your attention. For example, they might write a post about earning $4,000 to $5,000 a month and that all you need is a bank account.
How to report a scam
If you've been persuaded to make transactions on your account or know someone else who has been, report it right away.
Call us to report it
Our security team can help you take charge of the situation.
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Rest of Canada and the US:
Outside North America:
How to prevent these scams
3 tips to protect yourself
- Never share your personal and confidential information, even with close friends.
- Be careful what you say on social media and keep your accounts private. Scammers sometimes use what you say to trick you.
- Be wary of messages on Instagram, Snapchat, Facebook or other social media offering you the chance to make a lot of money. They're usually scams.
3 ways to make your child more aware
- Talk with your child about the risks and consequences of sharing personal and confidential information.
- Warn your child that scammers are active on social media.
- Encourage your child to talk to you or another adult they trust when in doubt.
Other ways to fight fraud
Phishing
Learn how to spot phishing attempts so you can avoid falling victim to this increasingly common type of fraud.
Different types of scams
Keep up to date on the latest scams. It'll help you stay a step ahead of fraudsters and avoid their traps.
2-step verification
Use 2-step verification when you log in to better protect your account from unauthorized access.