In this day and age we have become numb with the speed and ease of online signups and freely hand out our information and documents to register with a platform or game as soon as possible without pausing and giving thought to the consequences of this information falling into the wrong person’s hands.
With the nature of online signups being prevalent today, if someone gains access to your information, they will be able to open an account in your name and use your details as an alias for their nefarious activities.
An example of one of these activities is a “mule account” which typically refers to a bank account used to transfer or launder money, often as part of illegal activities. Individuals who operate these accounts, known as “money mules,” receive and transfer funds on behalf of criminals. These activities can include the proceeds of fraud, drug trafficking, or other illicit activities.
Money mules may be knowingly involved in these activities or may be unwittingly recruited through job offers, romance scams, or other deceptive means, such as leaked information and documentation from unsecured platforms. The use of mule accounts helps criminals obscure the origins of the funds and avoid detection by law enforcement.
Using or maintaining a mule account can have serious legal consequences, including charges related to money laundering and fraud.
In many cases, these individuals will use your details to sign up with a store or platform that deals with funds and have other victims deposit funds to those accounts. They then proceed to drain those accounts of the deposited money, making you the prime suspect in any future investigations, as well as damage your record and credibility amongst platforms once fraud has been committed in your name. This could lead to platforms cutting all relationships with you and preventing any further relations or dealings with them in the future as well as the threat of criminal charges being instituted against you…
Additionally, you may become responsible for defending yourself in a police investigation should others be defrauded by an account in your name, even though you were not the one who registered or used the account. This highlights the importance of where and who you provide your documents to as ultimately you will be responsible for the aftermath of your information being misused.
On the other side of the coin it is extremely important for companies to ensure the safety of their clients information in order to maintain the reputation and trust your business has developed with your clients, it is important to find an onboarding solution that you can trust to maintain a professional and secure environment for your clients to upload their documents without fear of leaking their information.
In many jurisdictions, different policies have been made to regulate how companies use and store their clients’ information in an attempt to hold the companies legally liable for inadequate and substandard storage methods and policies for their clients’ data.
GloRep aims to provide a safe and secure platform where your clients can upload their documents securely without fear of their information being leaked, and we offer the flexibility for you to store your clients’ information yourself or store the information securely on your behalf.
GloRep also offers a biometric scan to ensure that the person who owns the details matches with the person who is attempting to create the account on your platform in order to circumvent the use of mule accounts before they can even register on your platform.