he number of young people especially students from poorer backgrounds have been caught acting as ‘money mules’, according to a recent study from the UK’s fraud prevention service, Cifas.
In this blog post, we examine the statistics behind the Cifas research and suggest tips & tools on how not to get deceived into taking part in money laundering.
The study found that an alarming 75% of young people have been used as ‘money mules’ to transfer the proceeds of crime by others in and out of their bank accounts. From January to September this year, there were 8,652 cases of 18-24-year-olds having their bank accounts exploited by criminals
The study added that many of these young people are often targeted because they are short on money and need cash fast, praying on their vulnerability. Whilst some will turn a blind eye to the legality of such an arrangement, many people are turning to HooYu to make sure they know who they’re dealing with. HooYu offers people an easy way to confirm the identity of the person they’re dealing with.
Many of these criminals target young people through social media adverts, offering cash for little work. The types of jobs advertised are hugely misleading, such as “financial manager needed”, requiring a UK bank account.
If caught, many money mules could face jail and have their bank account closed.
Cifas and FFA UK have recently launched a campaign, “Don’t be Fooled”, to help prevent young people from becoming a victim of a money mule trap. Here are their top tips on how to avoid becoming a money mule:
1. Never give out your bank account details to someone you don’t know or don’t trust
2. Be careful of job offers where all interactions and transactions are made online
3. Be wary of unsolicited offers and easy money. These are often too good to be true.
4. Always research a company that makes a job offer to you.
5. Be wary of any job offers from abroad, make sure you research the company.
6. Be wary of any jobs offers that are written in poor English and spelling mistakes.
At HooYu our aim is to protect individuals from scam and fraud, take a look at how HooYu helps to prove that the person you’re dealing with is who they say they are with our HooYu checks.