When an opportunity like that arises – particularly when you may feel strapped for cash, needing additional financial support – it can seem like an easy way to make money with no strings attached.
However, the chances are that if it sounds too good to be true, it probably is. Many of these schemes, despite how legitimate they may look, are actually a front for organised crime.
By signing up, criminals may ask you to provide your bank details so they can take money in and out as it suits them, whilst allocating you a cut of the cash to keep for yourself. They might even set up additional bank accounts in your name.
You’ll become what’s known as a money mule, who criminals use to launder the profits of their crimes. Most of the time, mules will be unaware of where the money is going or where it comes from.
What are the implications?
There are many risks to taking part in these schemes.
Firstly, by facilitating any of the above you’ll be supporting the continuation of crimes such as child trafficking, terrorism, and the grooming of vulnerable people.
And even if you quickly decide you don’t want to be a part of the scheme, it can be very difficult to get out once you’ve signed up. Criminals may threaten you or your family in the form of violence if you try to stop.
If you’re caught by the police, you also risk:
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Having your university studies terminated
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Damaging your chances of employment
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Being unable to apply for credit, bank accounts and loans
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Going to prison (if found guilty of money laundering, the maximum sentence is 14 years in jail).
How to avoid falling for criminal schemes
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Don’t be fooled by offers of quick money either online or in-person
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Never open a bank account in your name for somebody else, or share your existing bank account details, including PIN numbers, passwords or passcodes
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Be wary of these typical advertising messages for jobs or schemes that will often sound too good to be true
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Don’t apply for a job position without conducting further research (eg searching the organisation’s name, contact details, location etc using Google).
What to do if you’re worried someone you know may be a money mule
If you think you know a friend or family member who has become a money mule, there are a few signs to look out for.
This includes noticing that they suddenly have extra cash or they have top-of-the-range gadgets and expensive clothing which they cannot provide an explanation for. Alternatively, they might seem very withdrawn, stressed or more secretive than usual.
If you are concerned about this, or you are worried about your own situation, you can contact Crimestoppers anonymously on 0800 555 111 (translation services are available). You can also reach out to Student Services.
If you’re struggling with money management, please know the University is here to support you. We can provide students with financial advice and access to useful resources. If you feel that your wellbeing or studies are being impacted by financial concerns, please contact the team using our online referral form.
More information: HMRC Information and Guidance