Did you know that letting someone else use your bank account is a form of fraud?
Young people are increasingly being drawn into this type of crime. You can lose your family savings, your businesses, your trust in other people and plenty more.
In serious cases, you could also face up to 14 years in prison.
To learn more, read on or check out the Student Services Online article What is money muling/money laundering & how can I avoid it?
What are money mules?
Money mules enable criminals to commit fraud and hide the profits they make from illegal activities such as tax dodging, drug dealing and human trafficking.
You become a money mule by letting someone else use your bank account to send money into, before moving it on. Criminals usually recruit money mules by offering them a cut of the stolen money.
This means the money mules are involved in money laundering. This is a serious criminal offence, with a maximum sentence of 14 years in prison.
By using money mules, criminals try to ensure that the consequences of their crimes hit the mule instead of them.
Who’s at risk?
Around six in ten money mules are under the age of 30 and most are recruited between the ages of 17 and 24.
Many criminals target their recruitment of money mules at universities or colleges – either online, in person or via friends and family.
How can I protect myself?
- Avoid job adverts or social media posts offering the chance to earn quick and easy money. Stick to reputable job sites. If something looks too good to be true, it probably is.
- Research job opportunities thoroughly online. Does your prospective employer have an online presence? Are the contact details legitimate? Is it based overseas?
- If you’re offered money but aren’t sure where it’s come from, it could have come from criminal activity. You could unwittingly be laundering money and end up with a criminal conviction.
Getting help
If you or someone you know has been approached by someone wanting to ‘borrow’ your bank account, break off all contact. Don’t receive or move any money and ask for advice from someone you trust.
Criminals operate in silence. By talking about it, you are protecting others.
How can I report suspected fraud?
- Call local Police to report the fraud on 101 or 999 in an emergency.
- Contact the HMRC Fraud Hotline on 0800 788 887 quoting reference IFMM23. You do not have to give your name or contact details unless you want to.
- Contact the independent charity CrimeStoppers by calling 0800 555 111. You can remain 100% anonymous. Quote reference IFMM23.
- If you see a suspicious advert on social media, click the button to report it to the social media company to get it taken down.
- If you think someone you know is already involved, go to the National Crime Agency website for advice.
- If criminals have already got your personal information, report it to the Action Fraud Reporting Centre on 0300 123 2040
Additional information