If we say "criminal mule", the first idea that springs
to mind is someone crossing a border with a stash of drugs stuffed somewhere
unpleasant, but a drugs mule is far from the only use of the phrase.
The idea of a money mule wouldn't mean a great deal to most people, but it is a form of exploitation that's growing rapidly across the UK, according to anti-fraud experts Cifas.
Money muling is a form of money laundering in which fraudsters con victims into allowing them to use their bank accounts to move cash around - with victims generally agreeing to it on the promise that they get to keep some of the money.
They often never receive a penny and their bank accounts are permanently compromised, not to mention the potential consequences of allowing criminals access to such a vital thing as a bank account.
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In a worst-case scenario, anyone found to have been involved in money laundering could face up to 14 years in prison while, on a lesser note, it can also have a negative impact on financial records, which could hinder the ability to get a mortgage, credit cards, mobile phones or loans in the future.
Cifas have made a film (see above) to raise awareness of the problem, which disproportionately affects students and young people.
"We want to warn students, to be wary of anyone approaching them in the student union, or elsewhere with promises of cash for the use of their bank account - in most circumstances no money appears and you are left with serious consequences and it could affect you for years to come," Cifas told LADbible.
"When you're caught, your bank account will be closed, you could even face up to 14 years in jail, additionally it will affect future applications for a mortgage, credit cards, mobile phones and student loans. Car insurance premiums may go up. And most importantly for young people you may find it difficult to get a job in the future"
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More than 8,500 young people were caught acting as money mules in 2017, a 75 percent rise on the year before.
Criminals have been known to target student unions, knowing that students and young people are less aware of fraud and often short of cash.
Ignorance of the law is not an excuse when charged with money laundering or fraud, and the secondary consequences of acting as a money mule are dire.
Not only can it damage a young person's financial future, the criminal gangs that attempt to recruit money mules are doing so in order to move around cash that will likely be used again in criminal activities, such as human trafficking, sex trafficking, drug crime and potentially even terrorism.
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In short, if someone comes up to you in your student union and offers you anything other than a pint of snakebite then it's probably too good to be true.
Featured Image Credit: Credit: CifasTopics: Technology