It notes a 32% increase in money mule cases among young adults, with the ages between 25 and 34 being most likely to be targeted.
Criminals are increasingly targeting young adults with money mule schemes, using platforms like social media, online gaming, and fake job ads to recruit unsuspecting victims. These fraudulent activities can also make their way to individuals through messages from friends or contacts whose accounts or numbers have been stolen.
Often without realising they are participating in a crime, the victims move stolen money and give away access to personal bank accounts in exchange for fast earnings. The funds being transferred are often the proceeds of human trafficking, drug offences or cybercrime.
According to Santander, becoming a money mule can have financial and legal consequences, such as damaging their credit scores, leaving them unable to open a bank account or take out a mobile phone contract, and in extreme cases, those convinced of acting as a money mule could face up to 14 years in prison.
To stay safe, Santander recommends that individuals avoid jobs that promise quick money for minimal effort. These offerings must be ignored if they require bank details for application and offer payment in exchange for storing and transferring money, or for creating a new bank account for someone else.
Santander found that individuals aged 25-34 are most likely to be targeted, with 6.295 cases reported between October 2023 and September 2024. This is a 45% increase in the cases reported by the same age group in the previous year.
Cases involving individuals aged 18-24 have seen the next biggest increase at 26%, going from 3.684 in October 2022 – September 2023 to 4.660 in October 2023 – September 2024. The bank also reported that some of the cases include young teenagers.
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