Stay safe from fraud
Queen Mary has been made aware of a rise in students being targeted via social media and messaging services to act as “money mules”, a form of money laundering which makes use of student bank accounts.
UK Finance and the fraud-prevention organisation Cifas have teamed up to create the Don't be fooled campaign, with useful information about the dangers of becoming a money mule.
They are offering the following advice to students to help you avoid falling victim to this fast-growing scam:
- Keep control. Don’t give away any of your bank account details, unless you know and trust the person receiving them – and never let anyone else access your account. Alarmingly, nearly one in seven (14 per cent) students have shared their pin number with someone else
- Money for nothing? Be cautious of unsolicited offers of easy money as this is a common tactic used by criminals to recruit money mules
- Tell someone you trust. Whether it’s a parent, tutor or friend, make sure you tell someone you trust about any concerns you might have
- Take time to think. Remember that letting someone else use your bank account is a potentially serious crime which could damage your financial future – is it worth it?
- Too good to be true? Remember the simple rule of thumb about offers of easy money: if it looks too good to be true, it probably is.
More advice for students can be found here.