More and more youngsters are prepared to hand over their bankcard details to people they don’t even know according to research conducted by banking federation Febelfin. The youngsters then face the risk of ending up as “money mules”. Criminals use money mules’ accounts to channel illicit funds to another account and launder the money. Febelfin is now launching a public awareness campaign to alert young people to the risks.
Arto (not his real name) is one of the youngsters who stepped into a trap laid by cybercriminals. His mother takes up the story:
“Two years ago he was contacted via Instagram and asked if he wanted to make a quick buck. In return for 9,000 euros he handed over his bankcard and code. The minute cash ended up on the account everything was blocked and we lost control of the account” says his mum.
The criminals stayed in contact with Arto and twice abducted him and threatened him with a gun. He was even forced to hand over his ID card.
“Ever since our letterbox has been inundated with bank and credit cards in his and my name, SIM cards, parcels, letters from bailiffs,… Last May police raided our home and arrested Arto, apparently because the criminals stole money from people in his name. The investigation is ongoing but we have lost 45,000 euros” says his mum.
Arto’s mum hopes his story will prevent others from falling into the same trap.
Research conducted by Febelfin shows that one in ten youngsters has been contacted and asked to serve as a money mule. 16% of those quizzed admitted handing over bank details to somebody they didn’t know in return for cash. It’s a figure that continues to rise.
“We’ve noticed that youngsters are getting extremely relaxed about how they deal with bank details. The number of young people willing to hand over their bankcard in return for cash nearly doubled in one year” says Isabelle Marchand of Febelfin.
“The figures are disturbing, especially as 8 out of 10 youngsters doesn’t know what a money mule is. Acting as a money mule is a crime. You are helping to launder cash”.
“Young people are recruited at the school gate or during a night out. It also happens online using ads on social media that promise quick money” says Marchand.
“We want to show parents which adverts their children see on social media and explain that quick and easy money simply doesn’t exist. Schools too have a role to play”.
The Febelfin research also revealed that a quarter of youngsters have never heard of phishing i.e. the practise whereby cybercriminals use fake emails and texts to get hold of bank details e.g. credit card codes and launch into fraud.