Beware of the Money Muling scam

Published: 24/01/2022

Students are often targeted with various cyber scams, so it’s good to know how you can protect yourself online.

What is a Money Mule?

Money mules are recruited, sometimes unwittingly, by criminals to transfer illegally obtained money between different bank accounts.

A recent Nationwide survey found that about six in ten students think that they would be vulnerable to money mule scams. The main reasons given are due to increased financial worries.

How a money muling scam can work?

You will usually be approached by someone online, who will state that they are unable to pay cash into their own account. They will then ask you to pay the cash into your account and transfer it to them electronically for a 10% cut.

Money Muling is a type of money laundering, therefore in most cases you will have no idea where this money could be coming from, especially if it's linked to drugs or crime.

How to spot the signs and avoid becoming a money mule:

• Be cautious of job adverts that offer the chance to earn a significant amount of money for very little effort. Therefore, stick to reputable job adverts that are advertised via the NTU Jobshop.
• Be cautious with any job offers from overseas.
• Always be suspicious of anyone contacting you online offering of quick and easy money.
• Do not sign up or proceed with any opportunity without undertaking research on the person, company or opportunity. Speak to the NTU Employability team if you want to obtain more information.
• Do not engage with any social media posts offering large sums of money, ignore them and report them.
• Don’t share bank and personal details with anyone you don’t know or trust.

Those involved or caught being a money mule are likely to find their bank account closed and will find it difficult to open another account and can face a prison sentence.

If you receive any suspicious messages or believe you have been the victim of any online scam, please report it to the DT Service Desk.

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