Students warned of 'money mule' scam

Friday, 26 September 2008 11:05

Students heading into university and looking for easy money are being warned of the 'money mule' scam.

More fraudsters are looking to hire people to transfer cash across borders, with 873 job adverts detected in the first six months of the year - more than double the amount last year and up 445 per cent on three years ago, data from the payments association Apacs reveals.

Money mules help to launder cash, by taking funds into their accounts, withdrawing it and wiring it overseas.

However, funds are transferred into the mule's account from innocent people's accounts - often taken through phishing emails - and when the banks catch up with the mules, they want the cash back.

Meanwhile the fraudsters will be overseas and out of touch.

Online fraud hit £22.6 million in 2007.

Being a mule also comes with the threat of a custodial sentence and giving your data to criminals puts you at risk of being a victim of identity fraud. Banks are also likely to close your account.

Apacs has found adverts for money mules in national newspapers and genuine recruitment websites as well as spam emails and fake websites.

And mules may not be aware they are involved in any illegal activity - criminals advertising roles such 'payment manager' and describing themselves as genuine international firms.

Students with plenty of time on their hands and access to the internet are often prime candidates.

Sandra Quinn, director of communications at Apacs, said: "By allowing your bank account to be used to receive and transfer funds, you will be acting illegally, even if you have had nothing to do with the actual theft of funds from another person's account.

"If you see an opportunity to make some easy money and the offer seems too good to be true, then it probably is!"

She added: "Anyone who has disclosed their bank account details or received funds into their account for what they think could be a money mule scam should contact their bank immediately."

Tips to avoid being a money mule victim

• Be cautious about any unsolicited offers or opportunities offering you the chance to make some easy money.
• Be especially wary of offers from people or companies overseas as it is harder for you to find out if they really are who they say they are.
• Take steps to verify any company which makes you a job offer and check their contact details (address, phone number, email address and web site) are correct and whether they are registered in the UK.
• Never give your bank details to anyone unless you know and trust them.

Payments manager
Job description:
Receive payments and correspondences from our customers.
Manage company payments and disburse payments to our distributors.

Company description:

FMC is a foremost firm in a number of sectors.

Due to increased demand for our products in the EU, we are looking for an in-country online payments manager to serve as a link between us and our customers.

Basic functions:
Maintenance of sales office
Assume responsibility of sales office
Accept payments from and clients from Western Union

To apply please send:
Full name and present occupation
Telephone number and fax
Contact address
Age
Ability to use Western Union money transfer services

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