Crimestoppers
Fearless
Tackling the financial exploitation of students
Criminal gangs are targeting students to launder money.
Watch out for financial fraudsters looking to exploit student bank accounts for criminal gain.
University students are often targeted by criminals on social media and mobile messaging, where they are tricked into cleaning dirty money in return for ‘easy money’. Students are often targeted because they’re less likely to have a criminal record, and many will be seeking employment to support their finances whilst at university.
Criminal gangs exploit the bank accounts of students by convincing them to share their bank account details, or asking if they can ‘borrow’ their account. These criminals then use the accounts for depositing, withdrawing, and transferring onwards sums of money, with the promise of a percentage for the student to keep.
This money has usually been obtained through fraudulent or criminal means, and is used for further criminal activity. This is money laundering.
Criminals don’t care who they are targeting, nor do they care for the impact and consequences suffered by the person who’s been exploited.
Recruitment is often through:
- Unsolicited emails asking for assistance
- Contact via social networking or messaging sites
- False vacancies on websites posing as legitimate businesses
- Classified adverts in the press and online which look legitimate.
The moment a victim chooses to take part in this scam they become complicit in the crime, whether they did this knowingly or not. Transferring money obtained illegally is a criminal offence. It may seem like an easy way to make some money, but it is you who will pay the price, not the criminal exploiting your account.
Ultimately, an easy mistake may cost you your future.
- Your bank account will get shut down and you won’t be able to open a new one, making it hard to get a student loan, and affecting future credit.
- You’ll get a criminal record, and may face up to 14 years in prison.
Criminals can make it seem like what they’re offering is a legitimate proposition, but there are things you can look out for to protect yourself from these types of fraudsters.
Watch out for terms like:
- Work from home
- No experience necessary
- Make £300 a week
- Must have own UK bank account.
These are some of the warning signs that suggest this could be someone trying to exploit you into moving their illegally obtained money.
The fake refund scam
Criminals might call pretending to be your internet company or similar and say you're due a £100 refund. When you share your bank details, you'll get transferred £10,000. Then the criminal calls saying it was a mistake and asks you to move £9,900 to a different account.
Further information on financial exploitation, and other types of frauds and scams can be found on the following websites:
National Crime Agency money mules page
UK Finance and Cifas money mules page
