ALMOST six in 10 young adults would be open to making a bit of extra cash by accepting money into their bank account and transferring it on to someone else without being aware of where it came from – despite money laundering being illegal.The study of 1,000 18-30-year-olds found 32% could have unknowingly engaged in this activity known as ‘money muling’.
1Fifteen per cent of pollsters didn’t actually know what money laundering wasCredit: NATWEST
This type of fraud is being disguised as job adverts online offering an easy way to make quick money, where they keep a ‘commission’ after sending the funds elsewhere.
However, 78% of all respondents have no idea what a money mule is and a quarter think it is someone who tops up cash machines with money.
While 59% were not aware this type of activity could be illegal.
Another 15% believe money laundering either involves putting money through the washing machine or hanging it out to dry.
Figures from fraud body Cifas shows there have been 18,626 cases linked to money mule activity from under 30’s so far this year, accounting for 62% of all cases.
The research was commissioned by NatWest to raise awareness of money muling – which sees their ‘honest job ad’ run across social media starring Perri Kiely as a ‘recruiter’ advertising the perks of being a money mule – showing the realities the criminals behind them don’t want you to know.
Stuart Skinner, fraud and scam expert at the bank, said: “Now more than ever, everyone is becoming more mindful of money, which is put under even more pressure by the increased outgoings during the festive season.
“We want to help young people be safe when it comes to their finances and make sure they are aware of the dangers that unfortunately exist in our society through money-muling and online scammers, so they know what to look out for.”
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Four in 10 (39%) young adults have been targeted by ‘quick money’ job ads on social media with 74% seeing an increase in these type of adverts in the last two years.
And of those, 91% said the number they see has more than doubled.
But the survey shows many young people are totally unaware of the consequences of acting as a money mule.
Nearly eight in 10 (79%) didn’t know you can go to prison and 81% didn’t realise you would no longer be able to get a bank account.
While 89% had no idea you would no longer be able to take out a phone contract if caught.
With 59% of young people feeling the pinch as they struggle to afford Christmas presents, the concern is they will be more easily drawn in by fraudulent ‘easy money’ schemes.
And 87% of these said they would be open to ways to make some extra cash to help fund their outgoings during the festive season.
Exactly four …