Criminals prey on companies and individuals that are experiencing financial difficulties or commonly target small businesses to act as “money mules”. This is where you agree for money to be transferred through your bank account, often in exchange for payment. You’ll be asked to provide your bank details, receive a payment into your account and then, either withdraw it in cash, transfer it to another account or make a card payment. However, the money being transferred is usually the proceeds of financial crime and used by criminals to fund organised crime.
Money mules can target businesses by offering them the opportunity to be part of a lucrative contract or to act as a “middle man” within a business transaction. A common example of this would be asking you to process a payment or move funds for a third party. Job adverts and spam emails offering ‘easy money’ might seem a harmless way to earn income. However, this could be another way for criminals to recruit money mules.
Becoming a money mule can result in closure of your bank account and problems applying for a loan, a mortgage or even a mobile phone contract. You may also be given a prison sentence of up to 14 years. To learn more about the consequences of becoming a money mule and what the proceeds of money laundering are used for, check out the Don’t Be Fooled website at: moneymules.co.uk.