A friend tells you they are having problems with their bank account and asks whether they can use yours to receive money they will withdraw or move on. Someone approaches you at a party and tells you they made £200 in a couple of weeks, and all they had to do was take some money and pass it on. Or you see an advert that offers a job you can do remotely.
Say yes to any of these and you are in danger of becoming a “money mule” – the name banks and police use for an individual who transfers illegally obtained money on behalf of criminals, often through their bank account. In most cases the person paying into your account is an unsuspecting victim of a scam, while the withdrawal or onward payment is made to a criminal.
Criminals recruit mules throughout the year, and they prey on young people who need cash and may think they are doing someone a favour. In the UK, Santander says 31% of the people confirmed to have used its accounts as money mules were between 18 and 24 years old. University students may be particularly susceptible as the new academic year starts.
Being asked to give anyone access to your account is a red flag, as is being asked to transfer money you know nothing about. “There’s never a genuine reason for someone to use your bank account,” says Laura Carter, the head of fraud customer experience at Santander. “It’s facilitating money laundering.”
Fraud detection and bank controls mean that being a money mule is a short-term prospect, she says, but the repercussions can be lengthy.
“The account will get shut and they [the money mule] will go on an industry database,” Carter says. “It can make it difficult to get credit – you might not be able to get a mobile phone contract and, longer term, you might not be able to get a mortgage.”
The digital bank Revolut points out that facilitation is a crime. “Whether you are complicit in a scheme and aware of what you’re doing, or an unwitting victim who doesn’t know the funds are illicit, you can still face severe legal consequences,” it says.
In the worst-case scenario you could be given up to 14 years in prison.
What the scam looks like
Often it happens in person, says Carter, so beware of approaches from people you do not know or not that well who claim to have a good money-making opportunity for you.
Social media posts offering #internetmoney and similar are a recruitment tool for scammers, as are ads offering remote jobs.
The “friend” or “recruiter” will say that they need to use your account or ask you to receive and send on money.
What to do
Say no to anyone who asks for access to your account or for you to pass money through it for any reason.
Question unexplained cash, says Revolut: “If unexpected money suddenly appears in your account, do not transfer or use it … Contact support immediately and report the transaction. Do not follow any instructions you may receive from any third party in regards to the funds.”
Report any suspicious activity to your bank and to the police.
