A WARNING has been issued to young people across the West Midlands not to use their bank accounts to transfer cash on behalf of criminals.
‘Money Mules’ are often told they will be paid if they agree to use their own account to transfer the criminal’s funds to another account.
Using a third party to move money, this helps offenders avoid detection by police.
Police and Crime Commissioner Simon Foster is so concerned about the issue, he has teamed up with HSBC UK to launch an awareness raising campaign across social media to alert young people to the risks.
According to statistics from Cifas, a UK fraud prevention service which works on behalf of banks, across the West Midlands Police area, there were nearly 3,000 cases of fraudulent conduct between January and September last year.
The intelligence was indicative of money mule behaviour.
Knowingly transferring money on behalf of criminals is money laundering and is punishable by up to 14 years in prison.
Being used as a Money Mule could affect a person’s credit rating, career prospects and ability to get a bank account.
Young people who are targeted are being urged to report the incident to their parents, the police or tell their teacher.
Parents are also being asked to look out for any unusual behaviour or other warning signs.
Mr Foster, said: “It is disgraceful and shameful that criminals are taking advantage of young people, just so they can try and evade the law.
“The offenders know if they move their own stolen cash around then sooner or later they will be caught.
“That’s why they often criminally exploit young people and rope them in to doing their criminal work for them.
“So, as well as the police tracking down criminals, arresting them and bringing them to justice, I’ve decided to get the message out to parents and children, in order to prevent young people becoming victims of criminal exploitation in the first place.
“We need young people and parents to be aware and report any suspicious activity to the police immediately.”
Natasha Moore, local director for HSBC UK, said: “Scammers target individuals, gaining their consent to allow money to be transferred through their bank account in exchange for payment.
“It might seem like a harmless way to increase your income, or even win favour with a new friend, but the money being transferred could well be stolen and ultimately used to fund organised crime, including terrorism.”
