As we approach the festive season, our bank balances can take a hit from the razzmatazz of Christmas - which can put many in a vulnerable financial position.
This can lead to those who are under 35, unemployed or in financial stress being approached by criminals via email, text, instant messaging or social media to transfer money received from a third party to another in exchange for a commission. Those that are targeted to help launder money are known as ‘money mules’.
It is important to understand that money laundering is illegal. If you think you’re involved in a money mule scheme, stop transferring any funds immediately and notify your financial institution and the police.
Often criminals make false claims of ‘easy money’ in order to hook mules in. This can extend to job adverts from overseas companies seeking ‘local agents’ to act on their behalf.
You can spot the warning signs by noticing the following in these job ads:
- Grammatical and spelling mistakes
- The job ad may ask for applicants to respond to a free web-based email (Gmail, Hotmail, Yahoo etc)
- No education or other experience will be required
- All interaction for the job will be done online
- The job will always require your bank account to move money
3 steps to protecting yourself from money laundering:
- Do your own research into any companies or people that offer you jobs
- Never provide your bank details to anyone you don’t trust
- If it sounds too good to be true, it probably is
Visit our fraud prevention page for more tips on prevention and detection.
