According to Sky News, the under 25s are six times more likely to fall victim to criminals using social media platforms than over 50s .. scamming teenage 'money mules' on Instagram and Snapchat being one such form of fraud.
The rapidly growing phenomenon of "money mules" being where thousands of young people are being coerced by criminals into laundering the proceeds of crime through their bank accounts.
For the over 50s … the “elderly money mules” … someone in a vulnerable state may just as likely be tricked into handing over details of their bank accounts and other personal information to the criminals, who then raid their accounts or make financial transactions using those stolen details.
To get people to agree to become money mules, fraudsters might lure you in with a promise of easy money for little to no effort. A trick that both the under 25s and over 50s may be just as susceptible to.
Sometimes scammers use a dodgy “make money from your own home” job listing to advertise becoming a money mule. What potential money mules won’t hear, is how easy it is for a transaction like that to be held by your bank, and the potential consequences of being caught attempting to launder money.
It is one of the ways criminals can use to make their profits more difficult to trace.
There are repercussions to acting as a money mule. Former mules have had their accounts shut down and have found it difficult to open new ones. When they go to get a new account, loan or credit card the company can see a flag attached to their name and it could influence their decision to allow you to access credit or a new account.
Worst case … If you knowingly allow your account details to be used for fraud, you could face a sentence of 14 years in prison.
If you get contacted through social media or any other channel for that matter, immediately report the account for illegal activity, and hopefully it’ll stop someone else falling victim in the future.
You can also report suspected criminal activity to ActionFraud.
Whatever you do, don’t share your account details with someone you don’t trust.
If it seems too good to be true, it probably is.
This mornings thought from Monzo albeit through an old blog post …. Authorised push payment fraud (APP fraud) is THE fastest growing type of fraud in the UK. Over 35,000 people lost a total of £145 million to it in the first half of 2018.
Authorised push payment fraud is where someone tricks you into sending them money from your account.