Have you ever been asked by anyone, including an associate, if they can deposit money (cash or cheque) to your savings account? They may have even asked to ‘borrow’ your debit card and your PIN or ask you to open a new bank account on their behalf.
You should NEVER AGREE to any of these requests.
Be aware that criminals are actively ‘renting’ accounts from bank account holders to facilitate illicit transactions. As part of the scheme, criminals will:
- Request customers’ banking information (including their full name and account number)
- Borrow customers’ debit cards and PIN so that they can access the illicit funds at the ATM as soon as it becomes available
- Sometimes request the account holder to make an over-the-counter withdrawal of the illicit funds if it is a huge amount that cannot be withdrawn at the ATM.
- Often offer a fee in exchange for the account rental
Renting an account could result in severe consequences for you:
- You may become knowingly or unknowingly involved in a fraudulent scheme if you facilitate illicit deposits for others.
- Account holders who rent their account often become the subject of a police investigation.
- Money credited to your account becomes yours, and your bank may require that you provide evidence regarding the source of funds.
- You may lose access to your account and your banking relationship may be terminated if your account is used for fraud.
- You may also become a victim of fraud.
- Giving your debit card and PIN to a third party is a breach of the agreement with your bank.
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