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Money Mule Scams: How Criminals Convert Fraud into Profit What is a Money Mule? Money mules are individuals who unknowingly or knowingly assist criminals in laundering money, often by transferring illegally sourced funds between accounts or across borders. The source of the money comes from fraudulent scams or other illegal activities like drug trafficking. Criminals use their mule’s identity and layer the illegal transactions in an attempt to hide the illegal funds from law enforcement. Once properly hidden, the criminals are able to access their funds and cash out on their illegal activity. Common Money Mule Scams There are a number of ways that criminals will try to hide their money from law enforcement. Money mules are a form of money laundering, where criminals attempt to make their illegally sourced funds seem legitimate. Here are a few common ways people can unknowingly fall victim to money mule scams. 1- Deceptive Job Offers Money mule scammers will act as employers offering high-paying, remote positions. Common job titles could be payment processor, financial coordinator, or international fund liaison. While these job opportunities seem legitimate, their primary function is to receive and transfer illegal funds. The criminal will wire a large sum of funds to the mule, then instruct them to keep a percentage and transfer the remainder of the money to a different account or purchase a certain amount of cryptocurrency. The criminal hides behind their mule’s identity and is able to more easily access their funds. 2 – Romance Scams This type of mule scam exploits a victim’s emotions and trust. Scammers will find their victims on social media sites, dating sites or other online chat channels. They will deceive their victims with made up personas often using stolen photos and fake details. Over time, the scammer will attempt to build an emotional connection by sending affectionate messages or personal stories. Once they feel they have earned the victim’s trust, they will fabricate a story requiring financial assistance. These are oftentimes medical emergencies or travel issues that need quick funding into an account. Once the scammer has convinced their victim to oblige, they will continue to exploit their trust to launder their illegal funds. 3 – Lottery, Prize, and Investment Scams If something seems too good to be true – it probably is. These scams typically start via an unsolicited message or phone call informing you that you’ve won a prize. They instruct their victims to take a number of steps before they can claim their prize, and that is where the danger lies. These steps could include gathering your personal details, wiring a “prize tax” or fraudulent fee, accepting a large sum of money, and/or transferring a portion of the winning funds to another account. Similarly, investment scammers typically promise their mule victims “return” for their illegal money transfers – sometimes in the form of cryptocurrency or percentages of the money they wire. What are the Consequences? Large overdraft balances are most often the first consequence to the money mule. Once the criminal has access to their mule’s account, they typically push a large lump sum out of the account. This amount oftentimes will exceed the typical balance in the mule’s account, leaving them with a substantial negative balance to dig out from. Acting as a money mule is illegal, whether the crime is knowing or unknowingly committed. The punishment for these crimes include imprisonment and federal charges. Additionally, your identity and personal information could be stolen from the criminals involved in the money mule scheme. Internet Crime Complaint Center (IC3): The IC3 is run by the FBI and accepts online internet crime complaints from the victim at www.ic3.gov How to Protect Yourself As with most methods of protecting yourself against fraud – remain cautious whenever someone requests your personal information or banking information. Only share those details with people or organizations that you trust. If you receive a job offer from an online business, do your due diligence to confirm they are a legitimate company. Additionally, a legitimate employer will not ask you to form a company or open a new bank account on their behalf. Always be cautious if anyone asks you to wire or transfer money on their behalf. Be weary if something seems too good to be true, like you’ve won an unsolicited prize or been chosen to participate in a giveaway. Scammers act on urgency. If someone is pressuring you to do something that you’re uncomfortable with, walk away. If you or someone you know is afraid they are involved in a money mule scheme, it’s not too late to stop. Stop communicating with the person giving the directions. Tell your financial institution and consider changing accounts. Report suspicious communications or activity to law enforcement. The Internet Crime Complaint Center (IC3) is the Nation’s central hub for reporting cyber crime and run by the FBI. Visit www.ic3.gov for resources and more information about how to file a report. Maintain receipts, contact information and communications (emails, text messages, voicemails) so that information can be passed to law enforcement, if needed. 5 min read

NC Bank If you are looking for one of the best North Carolina banks, consider a visit to your local First Bank. First Bank is an NC bank that is small enough to know you by name, but large enough to meet all of your banking needs. We have more than 100 convenient locations throughout the state of North Carolina. Plus, First Bank was recently recognized as one of the by Forbes. Banking Services First Bank offers a variety of banking services for families, individuals, and business owners in North Carolina. Some of our services include: Personal banking: Checking accounts, savings accounts, debit cards, personal loans, and more. Business banking: Checking accounts, savings accounts, loans and credit, merchant services, and more. Mortgages: Conventional loans, jumbo loans, government loans, VA loans, and one-time close construction-to-permanent loans. We also have a Financial Education Center where you can find articles about buying a home, starting a business, our activities in the community, and more! Click here to explore more banking options. First Bank‘s Mission At the beginning of the Great Depression, a small town in North Carolina lost its only bank. That town was Troy, NC, and in 1935 First Bank opened its first branch to help with the loss. At that time, we were called Bank of Montgomery, and we were known for helping farmers and local businesses manage their money for 3 whole decades. In 1985, we changed our name to First Bank, and a lot has changed since then. The manufacturing, industrial, and technology industries have grown, and we’ve continued to evolve to meet the needs of our customers. Our mission is to show that we care about our customers, and to provide them with safe and convenient banking. If you are looking for a North Carolina bank that strives to meet your needs, visit a First Bank branch near you. Loans subject to credit approval. Member FDIC. Sources: NCpedia: http://www.ncpedia.org/history/20th-Century/great-depression 2 min read

How Much Should You Have In Savings at Age 25? If you’re wondering how much you should have in savings by the time you’re 25, you’re already on the right track. At an age where financial independence becomes increasingly more important, how much you can save depends on a number of factors, including income and debt. Savings at Age 25 Many experts agree that most young adults in their 20s should allocate 10% of their income to savings. One of the worst pitfalls for young adults is to push off saving money until they’re older. If you begin at 10% and find that you still have money left over by the time you receive your next paycheck, you may be able to comfortably increase the amount you’re saving per month. You should also consider saving for retirement. CNN Money offers retirement savings suggestions based on your income level: Income Amount Saved Per Year $40,000 $4,000 $65,000 $6,500 $90,000 $9,000 $115,000 $11,500 Financial Goals to Make Saving Easier As nice as saving 10% may sound, there are other factors that can impact to how much you may actually be able to save, including necessary expenses and debt. Here are some milestones that can help you save money each month and help your credit and future purchases: Pay off auto loans, credit card debts and other consumer debts as soon as possible. This does not include student loans and mortgages. You’ll want to focus on the higher interest debt first. Save three months’ worth of living expenses in case of job loss or emergencies. This will allow you to create an emergency fund in case you encounter unexpected financial hardships. Start investing your money in stocks, real estate or bonds. One of the easiest ways to do this is to take advantage of a 401(k) or other retirement fund offered by your employer. Often, employers will match your contribution, so this is a good way to maximize your investment and make it grow quickly. Visit a First Bank Location Today Regardless of your age, it’s important to make savings a priority. If you’re in your 20s and getting started, it can help to have some professional advice. To learn more, turn to the financial advisors at your local First Bank.* We help 3 min read

Calculate Your Monthly Mortgage Loan Payment (with Taxes and Insurance) A mortgage loan calculator with taxes and insurance can help prospective homeowners prepare for the financial responsibility of owning a home. Purchasing a home may be one of the biggest decisions you ever make, so it is important to know how much your mortgage payment will be each month after taxes and insurance are added, so you can know how much house you can afford. How Much House Can I Afford? First Bank* provides a mortgage loan calculator with taxes and insurance for potential homebuyers who want to estimate their monthly payments before applying for a loan. Before you use the calculator, you will need to gather the following information: Loan term in years Purchase price Percentage down Interest rate Annual tax Annual insurance Once you have all of the necessary information, you can click here to calculate your potential monthly mortgage payment.** Applying for a Home Loan Now that you’ve calculated how much house you can afford, you may be ready to apply for a mortgage loan. You can get the homebuying process started by visiting First Bank’s online Mortgage Center. Our Mortgage Center provides you with tools, tips, and tricks to help you find a loan that meets all of your needs. Whether you are a first-time home buyer or ready to build your vacation home, we can structure a loan to meet your needs. First Bank offers a variety of home loan options*** with competitive interest rates, including : Conventional loans Government loans Professional loans Jumbo loans Construction loans Dream It, Own It loans The path to quickly finding an affordable home loan starts at First Bank. When you’re ready to apply, all you have to do is start an online application or visit your local branch to speak with one of our home loan experts. *Member FDIC. Equal Housing Lender. NMLS #474504. **Determining exact rates and payments can be a complex process. Your exact rates and payment amounts will depend on a number of factors including geographical location and personal financial information. This tool provides you with an estimate of payments based on the information you put in but does not guarantee them. Loans are subject to credit and collateral approval. ***Loans subject to credit approval. 2 min read

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