How many of your Students know what a Money Mule is?
A recent article in The Times highlighted that the number of young Scots falling prey to money laundering has tripled in 2 years and that thousands of students do not know how to protect themselves from fraud and unwittingly allowing criminals access to their bank accounts as a money mule.
A money mule is someone that accepts money through their own bank account on behalf of criminals in exchange for a small cut of the funds.
Increasingly we are seeing children as young as 13 being targeted by criminals through social media.
Naturally, helping a criminal gang launder proceeds of crime is illegal but it also helps to fund crimes such as people trafficking and drug dealing.
Most students are not aware of the consequences of money muling. If (when) you get caught, your bank account will be closed and you will be prosecuted likely resulting in a prison term.
Cifas reported that there were over 9,600 cases where the bank accounts of under 21 year olds were misused in 2017.
Students should be aware that 'too good to be true' job adverts from unknown companies or offers to make 'cash from home' are all terms used by criminals to recruit mules.
A short and sobering film from Cifas is well worth watching and sharing: