Next week UK Finance and the fraud prevention service Cifas are running a national campaign called “Don’t be fooled”.
The campaign starts on the 16th September and is supported by Kent Police.
The campaign is designed to raise awareness for parent and guardians and warn children about the dangers of becoming “money mules”.
Money mules are people who allow others to access their bank accounts in exchange for a cut of the criminal funds placed there, which in itself is a form of money-laundering that carries a maximum sentence of 14 years’ imprisonment.
Young people are often unaware that acting as a money mule is illegal. They are approached to take part online or in person, including through social media, at school, college or sports clubs.
The increasing use of social media means that young people have never been more vulnerable to becoming victims of fraud. Many youngsters are unaware of the devastating consequences that fraud can have on their future opportunities, and so teachers, parents and carers can play an important role here by ensuring young people have the necessary knowledge and skills to prevent them from unwittingly falling victim to fraud, or even becoming perpetrators themselves.