Leading bank Barclays has issued an urgent warning on a common scam, which could see Brits entangled in a dangerous crime - the consequences of which could potentially end up being very serious.
Although the bank is seeking to protect UK residents from being targeted, a nefarious scam may not be quite what it seems from the outside looking in. Sometimes, individuals are asked to assist in transferring money - in a 'get rich quick' scheme from less than reputable characters.
Alternatively, people may be tricked into thinking that they are helping out a friend, love interest or stranger in need.
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However, The Express reports that in doing so, people may find themselves becoming defined as a money mule - someone who is asked to receive cash in their account before transferring it along, potentially for the proceeds of crime. Money mules themselves are then in-turn considered to be facilitating money laundering - which is a serious crime in itself with hefty penalties.
Individuals participating are often offered a cut of the profits for their assistance - with their bank accounts being used to receive fraudulent funds before being passed onto the next 'mule' in the chain. As a result, offers of easy money or charitable helping out should always be treat with extreme caution and vigilance.
Barclays explained the devastating consequences that those involved may find themselves with, even if they weren't sure what they were doing. A spokesperson for the bank, said: "Handling money that came from illegal activity is a crime, even if you didn’t know what you were doing.
“If you’re caught acting as a money mule, your bank account can be closed and you’ll have problems opening a new one. You’ll find it very difficult to get credit - like a student loan, phone contract or mortgage. You could end up with a criminal record and you could go to prison for up to 14 years.”
Fraudsters are often taking to social media to recruit unwitting accomplices, advertising 'get rich quick' investments as well as exciting 'job opportunities'. In many cases, both are illegitimate ploys.
Unfortunately, increasing numbers of people are falling victim to this scam, with new data from Barclays predicting that almost a third of money mules in the first half of the current year were between 17 and 21-years-old. However, it is said that the con may affect anyone, regardless of their age - so it's vital to be aware.
Barclays has also offered five key tips to help people protect themselves against money muling:
- Always approach offers of easy money with caution - no matter if it's a get rich quick scheme of too-good-to-be-true job advertisement.
- You should always research an opportunity or offer carefully to determine the legitimacy of an offer - with contact details also being double checked.
- If your bank is being used for illegitimate and potentially criminal activity, and/or you are facing pressure, you should speak to a trusted family member, friend or someone in authority.
- You should never accept money from someone unless you know exactly where it has came from and its purpose.
- Never ever share your bank details or personal details with anyone you do not know and trust.
Ross Martin, Head of Digital Safety at Barclays, added: “Remember, being a money mule is money laundering and carries heavy consequence. Make sure you do your research and check any job offer or investment is legitimate. Don’t run the risk of damaging your future.”
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