UK: Tenfold Increase In Kids Being Used As “Money Mules” To Shift Cash For Criminals

No Comment 16 Views

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.

Read the original article here:

Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.

Share This Page
Industry Webinars
FEATURED Solutions