Increase in Money Muling Cases Targeting the UK Millennial

Money MulingCifas which is a fraud protection service in the UK has confirmed about an enormous rise in money mule cases that target people up to the age of 21 years. The money mule is a financial scam where cybercriminals take possession of the bank accounts of people which is further used for several malicious activities like money laundering and terror funding.

The fraud protection service has accumulated a total number of 6,484 cases about money mule that targets people up to the age of 21 years. All these cases have taken place in the first nine months of 2017 which shows a whopping increase of 105% on Y-O-Y basis.

The number of money mule cases has increased to 8,652 for the age group between 18-24 years. This is a 75 percent increase on a Y-O-Y basis. If we compared the figure in 2013, only 4,315 cases were identified. It shows that money mule cases have become twice in the past four years.

Majority of the “Money Muling” cases take place after the consent of the individual concerned. The cyber thugs promise the innocent students for a small fee in exchange for handing their bank accounts. The younger generation agrees to part with their bank accounts as they yearn for more cash. The millennial generation is recruited through social media posts and job advertisements that offer some paying online jobs and part-time jobs.

Cifas

The money mule job is explained once they get into contact with the job poster and a majority of individuals agree to it. The UK Financial and Fraud Protection Service want to create awareness among the younger generation on the ill effects of money mule and the reasons behind why the criminals want to have access to the bank accounts. Katy Worobec who is the Head of Financial Crime and Fraud Protection has warned all the young people to abstain from their involvement with money muling.

Worobec issued the following statement:

When you’re caught, your bank account will be closed, making it difficult to access cash and credit. You could even face up to 14 years in jail. We’re urging people not to give their bank account details to anyone unless they know and trust them. If an offer of easy money sounds too good to be true, it probably is.

Some of the different caution advice includes:

  • not to share bank information over any suspicious text messages
  • not to give any bank information while receiving a cold call and youngsters should keep wary of the fraudulent and phishing emails.
Top10FX.net Editor

Top10FX.net Editor

Welcome to Top10FX.net. Follow this website for the most trustworthy Forex broker reviews and last minute financial trading news.


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