April Fool – Don’t be a Money Mule

Lies, damned lies and statistics!*

Don’t Panic, I am not about to give a lecture on statistics – heaven forfend (as you know my chosen subject is Archaeology – digging up those lovely old bones)!

This month I am going to chat to you about Money Muling, what it is, how it happens and the consequences if you get involved.

Lies

‘Earn thousands working from home. No experience needed.’ Sound familiar? Because this is exactly the type of advert used to recruit students as money mules.

The lure of easy money can be difficult to resist but this isn’t worth the risk.

Damned Lies

This is a victimless crime. Not so! Becoming involved as a Money Mule means that you are helping criminals in the drug trade and human traffickers.

Statistics

Criminals are increasingly targeting 18 – 24 year olds

2017 saw a 105% increase in cases of “money muling” for those aged 21 years or under, to 6,484 cases, where seemingly innocent bank accounts are used to launder criminal proceeds.**

What is a Money Mule?

A person who transfers illegally obtained money between different payment accounts, very often in different countries, while earning a commission payment.

Signs to look out for

Criminals will often use fake job adverts, or create social media posts about opportunities to make money quickly, in order to lure potential money mule recruits.

Consequences

Acting as a Money Mule is illegal and can have catastrophic consequences for you now and in the future. You could receive a prison sentence of up to 14 years and you will not be able to access a bank account making it difficult to access cash or any credit.**

Further information can be found at:

• Action Fraud
• This is Money
• Europol

You can meet Winnie and Denise most Wednesdays in the Postgraduate Teaching Centre Foyer or in the Student Support Office, Room P24, Aberconway Building. Times and venue will be posted on the office door.

Your student life, supported

We have a range of services dedicated to helping students make the most of their time at University, including: Advice and Money, Careers and Employability, Counselling, Health and Wellbeing, Disability and Dyslexia and International Student Support.

The Student Support Centres are located at 50 Park Place, Cathays Campus and Cardigan House, Heath Park Campus.

For more information about our services, events, opening times and more find us on the University Intranet.

Denise Brereton is Student Support Adviser at Cardiff Business School.

*Attributed to Mark Twain

**https://www.theguardian.com/uk-news/2017/nov/27/rmoney-mule-uk-young-people-bank-accounts