Hey everyone! Today, let’s talk about something serious: how criminals are using TikTok to launder money. As we get better at stopping money laundering, criminals are coming up with new tricks, and we need to catch up!
What’s Money Laundering?
Money laundering (ML) is when someone makes money from illegal activities, like drug dealing, and tries to hide where that money comes from. They might move it around different bank accounts, buy expensive stuff, or invest in businesses to confuse the authorities. Once the money looks clean, they can spend it without worries.
The TikTok Connection
TikTok has become part of this scheme, especially with its live gifting feature. People earn money by receiving gifts from fans, and criminals have found a way to exploit this.
How It Works
Criminals, often called money mules, target vulnerable individuals online, especially older adults. Instead of stealing directly, they gain trust and ask about the victim’s finances. They might offer to help with debts but first ask for credit card details. Once they have access, they deposit illegal money into the victim’s account and use that credit card to buy gifts on TikTok.
The Live Gifting Scheme
Next, they team up with local influencers to go live on TikTok. During the stream, the mules act like fans and send gifts to the influencer. They’ve already agreed to split the earnings from those gifts. After the live session, the influencer cashes out and shares the money.
Stay Alert
It’s crucial to recognize suspicious activities related to TikTok gifts. This issue needs more awareness, so if you have thoughts or experiences, please share them in the comments! Let’s keep the conversation going and help each other stay safe!