The number of kids' bank accounts being used for illegal money transfers has more than doubled in the past year, a study has found.
Worse, Barclays Bank told Mirror Money it has seen a tenfold increase in money mules aged 16 years and under since 2016.
Barclays' figures follow research by Cifas, the UK's fraud prevention service, that showed the number of under-21s in money mule cases rose to 9,636 in the first nine months 2018.
Young people are targeted because they are often the most vulnerable, as criminals know they are often short of money.
But in many cases, it could leave them at risk of being prosecuted.
Targets could also find it difficult to obtain student loans, mobile phone contracts or other financial products in later life if their bank account is closed due to money laundering.
One Barclays customer was approached at school by a fellow pupil who promised him quick cash in exchange for his banking details.
He naively didn't question the request after being lured in by the idea of easy money.
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A different person then approached him via Snapchat to ask for his details – which he provided – before instructing him to print a new bank card, hand it over and then ignore any communications from the bank.
In another case, a 15-year-old was approached by a gang and threatened with a knife where he was asked to hand over his bank card, account details, phone number and social media username.
He was bombarded with messages from a group of criminals via phone and social media who demanded full access to his bank account.
Due to the activity of the gang in attempting to turn his account into a "mule" account, he received a notification from Barclays that his card had been cancelled and his account frozen.
"Children as young as 11 are unwittingly becoming money mules. However, many often don’t understand that their actions could have serious consequences," explained Ross Martin, head of digital safety at Barclays.
"Thankfully, there are some quick and easy ways for parents and teachers to spot the signs of someone who has been recruited, enabling them to intervene. For example, the simple rule of thumb that if it looks too good to be true, it probably is!"
Katy Worobec, UK Finance head of fraud and financial crime prevention, cyber and data sharing, said: "Money muling is money laundering and criminals are using young people as mules in increasing numbers.
"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."
Simon Dukes, chief executive of Cifas, said: "This is a serious issue that not only has consequences for the money mule, but for society as a whole.
"The criminals behind money mules often use the cash to fund major crime, like terrorism and people trafficking.
"We want to educate young people about how serious this fraud is in the hope that they will think twice before getting involved."
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How to avoid being a target
Don’t give your bank account details to anyone unless you know and trust them
Be cautious of unsolicited offers of easy money, especially job offers from overseas
Research any company that makes you a job offer to make sure their contact details are genuine
Be wary of job ads that are written in poor English, with grammatical errors
Tell someone you trust. Whether it’s a parent, teacher or friend, make sure you tell someone you trust.
What parents can do to keep their child's finances safe
Go through their bank statements with them regularly. Can they account for every transaction?
Make sure they know never to give anyone else their online PIN, passcode or password, even to someone claiming to be from the police or their bank.
If they unexpectedly come home with new clothes, phones or other items they can’t account for, ask where the money came from.
Explain that letting someone else use your bank account, however plausible their reasons sound, is a potentially serious criminal offence that could damage their financial future – it could mean that they won’t be able to open a new bank account or get credit, a mortgage, or even a mobile phone contract.
Teach them this simple rule of thumb about offers of easy money: if it looks too good to be true, it probably is.
