How to Avoid Money Mule Scams (Infographic)
Today I am sharing an infographic from the credit reference agency Equifax.
If you have ever seen a job ad which seemed too good to be true, you might have missed the opportunity of a lifetime – or (far more likely) you could have narrowly avoided becoming a money mule.
Money mules are often ordinary people who unwittingly assist criminals by helping them launder money. People who work as money mules are often taken in by job ads offering them the chance to work from home as ‘payment officers’ or ‘finance assistants’, earning large sums of money per week. But what they don’t realise is the cash they are earning is a commission on the money (generally the proceeds of crime) they are transferring.
The infographic reveals how to spot a fake job offer, what’s going on behind the scenes when you work as a money mule, and what will happen to you if – or more likely when – you get caught.
Thank you to Equifax for an eye-opening graphic. Of course, I appreciate that most readers of this blog will believe they are too money-savvy to fall for these scams. Nonetheless, when you (and perhaps your family) are in financial hardship, ads that appear to offer an easy route out can be very enticing.
Also, if you know any older (or younger) people who may be susceptible to such scams, it’s important to look out for them and offer advice and support when appropriate.
As Pounds and Sense is aimed primarily at middle-aged and older people, it’s also worth noting that the 2019 Cifas Fraudscape report found that the largest rise (35%) in money mules was among people aged between 41 and 60.
In summary, the old mantra still applies: if it sounds too good to be true, it almost certainly is. There are genuine ways to make a sideline income, and of course I cover them regularly in Pounds and Sense. Get-rich-quick schemes seldom if ever work, however, and can rapidly plunge you into a world of trouble.
As always, if you have any comments or questions about this post (or the infographic), please do leave them below.