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Young person money mules, easy money with a catch

Middle class University students are the latest target of criminal gangs. The gangs are using financially struggling students who are looking to make a quick buck.

The Financial Times recently reported that a student was offered money to make a cash transfer using his own bank account. The student was offered £3000. Of this he had to transfer out £2700 to another account and he could keep £300 for his effort, easy money for not doing a lot.

Young people are told they will be a “transfer agent” or a “local representative” for overseas companies. What they are actually doing is money laundering for organised crime.

The pandemic has seen a rise in online fraud, with more people using online banking.

Money mules only have the cash in their account for minutes but could face a jail sentence for money laundering which is up to 14 years behind bars. Even if they avoid a custodial sentence, Money Mules will find opening and operating bank accounts next to impossible for a considerable time

When a get rich quick scheme comes along and you’re broke some don’t stop and think twice about what’s on offer. If you have family or friends at, or heading off to University soon, they may be targeted, so give them a heads up that all may not be as it seems.

Articles on this website are offered only for general informational and educational purposes. They are not offered as and do not constitute financial advice. You should not act or rely on any information contained in this website without first seeking advice from a professional. Past performance is not a guide to future performance and may not be repeated. Capital is at risk; investments and the income from them can fall as well as rise.


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