Money Muling Update

September 20, 2024

Money Muling Update

A money mule is a person recruited by criminals to transfer illegal funds between different payment accounts on behalf of others.

A new study by FraudSMART highlights the following:

61% of parents of teenagers surveyed have not discussed the dangers of money mules with their children.

Almost half (45%) of 18–24-year-olds reported that either they or someone they know has been approached to use their bank account to transfer money.

One in three (34%) of 18–24-year-olds admitted they would consider using their bank account to transfer or deposit money for someone else in exchange for keeping a portion of it.

Awareness of the risks of money muling is lower among 18–24-year-olds compared to older age groups. 25% are unaware that it can fund other criminal activities, 38% don’t realize they could face jail time, and 57% are unaware it could impact their ability to secure international travel or work visas.

Key tips to avoid becoming a victim of money mule recruiters:

Be extremely cautious of unsolicited emails or offers, especially those promising quick money, often seen on social media.
Thoroughly research any work-from-home opportunities and only engage if you are certain the business is legitimate.
Be particularly wary of offers from individuals or companies based overseas looking for “local” or “national” representatives, as verifying their legitimacy can be challenging.
Never share your bank account details with anyone unless you know and trust them completely.
Do not allow anyone else to use your bank account.
Never agree to open a new bank account in your name to receive payments on behalf of a “friend” or criminal.
Avoid any social media adverts that promise ‘easy’ money.

For more information visit the link below

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