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Wales Online
Wales Online
Neil Shaw

Young people happy to accept money into account without knowing where it's from

Six in 10 young adults would be open to making extra cash by accepting money into their bank account and transferring it to someone else without knowing where it came from - despite money laundering being illegal.

The study, of 1,000 18-30-year-olds, found 32 per cent could have unknowingly engaged in this activity known as ‘money muling’.

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 per cent 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 per cent were not aware this type of activity could be illegal.

Another 15 per cent 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 per cent 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.”

Four in 10 (39 per cent) young adults have been targeted by ‘quick money’ job ads on social media with 74 per cent seeing an increase in these type of adverts in the last two years.

And of those, 91 per cent 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 per cent) didn’t know you can go to prison and 81 per cent didn’t realise you would no longer be able to get a bank account.

While 89 per cent had no idea you would no longer be able to take out a phone contract if caught.

With 59 per cent 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 per cent 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 in 10 polled, via OnePoll, also said due to the cost-of-living crisis, they would be more open to opportunities they see online to make a bit of extra cash.

Perri Kiely, who also features in billboard-style posters showing some of the realities money mules could face if convicted, said: “It's hard not to be tempted by the offer of quick cash and these types of ads which play on the supposed opportunity to make a little extra money - particularly during what are harder times for many people - are something I see all the time on my social media.

“Being part of this very honest job ad has taught me that, as the saying goes, if it sounds too good to be true, then it probably is.

“We all need to be watchful for the signs and educate ourselves and everyone around us about how to avoid them.”

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