Increase In Money Muling Cases Targeting UK Millennials Found

Cifas, a fraud protection service in the United Kingdom has said that there has been a massive increase in the number of money mule cases targeting individuals who are 21 years and below. This is a type of financial scam where criminals take over the bank accounts of individuals and then use those bank accounts for money laundering, terror funding or other criminal activities.

Cifas has documented a total of 6,484 cases of money muling targeting individuals below 21 years have taken place during the first nine months of this year, which is an increase of 105 percent year-on- year.

That number increased to 8,652 cases of money muling for the age group between 18 to 24; which is a 75 percent increase year-on-year. Compare this to stats in 2013 and one will find that a total of 4,315 cases were registered which show that money muling cases have doubled in the last 4 years.

Cifas

Most of these money muling cases appear to be taking place with the consent of the individual. Criminals usually promise students a small fee for handing over their bank accounts and since the younger generation is looking for more cash, they often agree to part with their bank accounts. The millennial generation is often recruited through job ads and social media posts which offer lucrative part time and online jobs.

Once they get in touch with the job poster, the money mule deal is then explained and many end up agreeing to the arrangement. The UK financial and fraud protection service is looking to educate the younger generation on the consequences of money muling and the reasons behind why criminals want access to their bank accounts. Katy Worobec, who heads financial crime and fraud protection at UK finance warned youngsters to not get involved with money muling.

In a statement, Worobec said

When you’re caught, your bank account will be closed, making it difficult to access cash and credit. You could even face up to 14 years in jail. We’re urging people not to give their bank account details to anyone unless they know and trust them. If an offer of easy money sounds too good to be true, it probably is

Some of the cautionary advice issued include being cautious and wary of suspicious text messages requesting for banking information; not giving out any financial information when you receive a cold call and to be vigilant of phishing and fraudulent emails.

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