Don't be fooled into being a money mule
'Don’t Be Fooled’ is an awareness campaign from Cifas (the UK’s fraud prevention service) and Financial Fraud Action UK that aims to deter students from becoming money mules and therefore being used for money laundering.
Young people and students are particularly vulnerable as fraudsters know they are often short of cash.
Fraudsters may ask you to receive money into your bank account and transfer it into another account, keeping some of the cash for yourself. If you let this happen you're a money mule. You're involved in money laundering, which is a crime.
You can be approached online or in person. They might post what looks like a genuine job ad, then ask for your bank details.
Oce you become a money mule it can be difficult to stop. You could be physically attacked or threatened with violence if you don't continue to let your account be used by criminals.
Don't be fooled by offers of quick cash.
When you're caught:
- Your account will be closed
- You will find it hard to access further student loans
- It will be difficult to get a phone contract
- You will have problems applying for credit
- You could go to prison for up to 14 years.
For more information, please visit the campaign microsite: www.moneymules.co.uk
For more information please contact the Corporate Communications Team.