Money Laundering and Money Mule Scams

Get Safe Online Week is currently highlighting the dangers of money mule scams; many consumers will be aware of the dangers of online fraud, but may not expect to become involved in money laundering; a complex crime with serious consequences. In fact, 90% of UK internet users have never heard of the term ‘money mule’.

The scams usually rely on recruitment sites where victims sign up for job roles such as ‘Money Transfer Agent’ or ‘Shipping Manager’. Candidates often then end up unwittingly laundering money taken from online banking fraud.

With 1 in 7 internet users claiming to have been approached with such job offers, and an increase in people looking for work, there is a serious danger of victims falling into money mule traps.

Tony Neate, managing director of GetSafeOnline.org, explains the scale of the problem: “At any given time, there are approximately 100 known mule recruitment sites targeting the UK, each of which may have around 50 active mules. Many will be moving considerable sums of money, but even based on a low estimate that each mule makes just three to four transactions, amounting to around £1,500, before being caught - that’s already £7.5 million in illegal funds.”

For the victims of money mule fraud, it can lead to their assets being frozen during lengthy money laundering investigations. It also has an impact on recruiters and genuine recruitment sites, whose reputation may be tarnished.

192business are pleased to support Get Safe Online Week; which aims to provide consumers with information on how to stay safe online; providing practical advice and information on the latest internet scams.

Get Safe Online week runs from the 16th-20th November and internet users are being urged to visit: http://www.getsafeonline.org/ and watch or read the advice about staying safe online