credit mule
English edit
Etymology edit
Noun edit
credit mule (plural credit mules)
- A victim of fraud persuaded to use their own name and information to obtain an expensive item with credit contract attached, such as a smartphone. The victim, or "mule", is paid on giving the item to the fraudster, and is assured the contract will be cancelled, but it is not. Thus, the victim acquires a debt while the fraudster can sell the item at a large profit.
References edit
- Credit Muling Presents Unique Fraud Detection Challenges Credit Risk Insights, LexisNexis.
- Credit muling Credit Card Glossary: Terms and Definitions, CreditCards.com.