The $500 mistake: why scammers are paying for bank accounts and IDs

Then someone offers you hundreds or even thousands of dollars for a bank account, identification documents or personal details you think you'll never need again.

It's a scam trend that has prompted warnings from law enforcement agencies and universities, with international students being targeted because they're often in a period of transition and may assume old accounts or documents no longer have value.

The issue extends beyond university students.

According to the Australian Bureau of Statistics, around one in seven Australians experienced personal fraud in 2024–25, highlighting the ongoing value criminals place on personal information, accounts and credentials.

The scam is a form of "money mule" recruitment, where criminals seek access to legitimate bank accounts and identities that can be used to move or conceal money linked to criminal activity.

In fact, around 500,000 Australians experienced online impersonation in 2024–25 according to March 2026 data.

Australian law enforcement agencies, universities and banks have issued warnings about international students being approached with offers of cash for access to accounts and identity documents.

How does this scam work?

Most people think that scams begin with someone trying to take something from you...

But this one starts with someone offering you something.

According to Yvette, a security expert at Bank Australia, that's one reason these scams can be effective:

"Many people know to be cautious when someone asks for money or personal information.

"They're often less suspicious when someone is offering money instead.

"That's what makes these scams different."

Students nearing the end of their studies may be approached with offers to hand over bank accounts, identification documents or account access in exchange for cash.

However, what looks like a harmless transaction with an easy reward could have serious consequences.

Why would someone buy an old bank account?

It's a question many people would ask: If an account isn't being used anymore, why would anyone want it?

According to the Australian Federal Police, criminal groups may offer hundreds or thousands of dollars for access to a legitimate bank account because genuine accounts can help make fraudulent transactions appear more legitimate.

Authorities have specifically warned students not to sell access to bank accounts or identity documents, even if they believe they no longer need them.

"People often underestimate the value of information they've stopped using," says Yvette.

"A bank account, passport, visa document or proof of identity may no longer be important to you day-to-day, but that doesn't mean it has lost its value."

More than a student problem

While international students have been specifically targeted, this scam highlights a broader trend.

Scammers often look for opportunities during major life changes, including:

• finishing study
• moving overseas
• changing jobs
• retiring
• moving house
• closing old accounts

These moments can create a false sense that certain information is no longer important.

"Something doesn't need to be useful to you to be useful to a scammer," says Yvette.

"But official bank accounts and identity documents are not easy to come by for criminals, and they can be used for various criminal activities, including committing fraud and other crimes."

A changing scam landscape

This trend also reflects a broader shift in how some scams operate.

For years, scam prevention focused on protecting information from being stolen through phishing emails, malicious links and impersonation scams.

While many people associate scams with phishing emails or fake websites, experts are also seeing scams that rely on creating a false sense of trust and community.

Rather than stealing information, criminals may attempt to convince people to hand it over willingly by offering money, employment opportunities or other incentives.

Whether it's an online seller asking for extra verification, a fake employer requesting personal documents or someone offering money for account access, the goal is often the same: obtaining information, credentials or access that can be misused later.

What to remember

If someone offers money for access to:

• a bank account
• online banking credentials
• identity documents
• passport details
• visa documents
• verification codes

... take a moment to ask why.

"A good rule of thumb is to be cautious whenever someone places a value on your personal information," says Yvette.

"If someone is willing to pay for it, there's usually a reason."

If you no longer need an account, close it through official channels. If you're asked to share personal information, ensure you understand who is requesting it and why.

The key takeaway:

Something may no longer be useful to you, but that doesn't mean it has lost its value. Sometimes, that's exactly what a scammer is counting on.

Worried about your identity or online security? Contact IDCARE.