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In today's digital and global age, the threat of young people being lured into becoming money mules is growing. Young people are being financially exploited and tricked into laundering criminal money – being groomed into illegal activity that can fund organised crime, drug and people trafficking and terrorism.
Criminals are duping young people into using their bank accounts, taking their confidence and in some cases jeopardising their futures. Data from last year shows that those aged under 21 accounted for one in five cases (23%) with intelligence indicative of money mule behaviour on the Cifas National Fraud Database.
But what is a money mule and how can we help protect students from this criminal activity?
What is a money mule?
A money mule is someone who receives money into their bank account and transfers it into another account, often in return for a cut or an expensive gift. Criminals use money mules to launder the profits of their crimes, making it difficult for authorities to trace the funds. They often prey on young people, exploiting their lack of awareness of the consequences of their actions. Once you become a money mule, you are complicit in money laundering, which is a criminal offence.
Criminals exploit young people's lack of knowledge of what money muling is and lure them with offers of seemingly easy money or expensive gifts in exchange for using their bank accounts to transfer money. Those with special educational needs and disabilities (SEND) may be more vulnerable to this form of manipulation and exploitation.