In Focus Consumer Credit
Stark growth in young people acting as ‘money mules’
Vulnerable youngsters are being encouraged to commit account fraud that can fund further criminal activity
Simon Dukes Chief executive, Cifas
Statistics reveal a 75% increase in the misuse of bank accounts involving 18 to 24 year olds during the first nine months of 2017, compared to the same period last year. This is where an account, policy or product
is misused by the genuine account holder. The most common example of this is
when an individual acts as a ‘money mule’, which means they allow their bank account to be used to facilitate the movement of criminal funds.
them with what looks like a genuine job offer, asking them to receive money into their bank account and transfer it onto someone else, keeping some of the cash for themselves. According to the figures, there were 8,652
cases of ‘misuse of facility’ amongst 18 to 24 year olds between January and the end of September this year. This represents 35% of all cases during
that period.
laundering could even face up to 14 years in prison.
Proceeds of crime The organised criminal gangs behind money-mule scams often use the proceeds of crime to commit other serious offences, such as drug and people trafficking, sexual exploitation, and terrorism. We have developed a new film to bring these consequences to life.
Young people and students are particularly vulnerable, as fraudsters know they are often short of cash. The criminals may approach them with what looks like a genuine job offer, asking them to receive money into their bank account and transfer it onto someone else
The release of our data coincided with the
launch of a joint campaign with Financial Fraud Action UK. The ‘Don’t Be Fooled’ campaign aims to deter young people – in particular, students – from becoming money mules.
Vulnerable people Young people and students are particularly vulnerable, as fraudsters know they are often short of cash. The criminals may approach
26 The 2017 figures also demonstrate a
dramatic rise in money-mule fraud over the last five years, with cases involving 18 to 24 year olds more than doubling since 2013. Through ‘Don’t Be Fooled’, we want to
highlight that, if you become a money mule, you are involved in money laundering. If a person is caught misusing their
account in this way, it will be closed, and they will find it difficult to open an account elsewhere. A person convicted of money
www.CCRMagazine.co.uk This is a serious issue that, not only has
consequences for the money mule, but for society as a whole. The criminals behind money mules often
use the cash to fund major crimes, like terrorism and people trafficking. It is this side of money muling that we want to raise awareness of with our new film. We want to educate young people about how serious this fraud is, in the hope that they will think twice before getting involved. CCR
January 2018
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