Scotland’s students are being urged to watch out for predators trying to turn them into “money mules”.
Poor undergraduates may see offers of cash for using their bank accounts as harmless ways to earn money but it could come with a criminal conviction.
Scammers are at work trying to recruit students and young people.
If you have ever been asked to help transfer money by an online friend, someone offering a way to make easy money or asking for help because they can’t use their own bank account you could have been talking to a “mule herder” who was trying to recruit you.
And if you did what they asked you may have committed a crime.
Money muling is a type of money laundering – disguising where money really came from – for example, by moving money through different bank accounts.
As students return to education, Barclay’s research reveals 83 per cent of those aged 18-24 have been targeted by a scam or know someone who has.
The bank is sharing tips and advice to help students stay vigilant.
A survey by the bank showed seven out of 10 people were unaware money muling could result in a criminal record.
Mule herders often target younger people via social media and the bank is warning surprise money transfers, requests to move funds or online contacts asking about finances should all set alarm bells ringing.
Neil Scriven, Fraud Director at Barclays said: “Students are commonly targeted by criminals, seeking to take advantage of young people managing money for the first time.
“Being asked to move money could seem like an innocent request, particularly if it’s coming from someone you trust or if you’re provided with what seems like a genuine excuse.
“Acting as a money mule is a serious crime that can have a long term detrimental effect on young people’s financial stability.
“All students should be suspicious of anyone that asks them to move money on their behalf. As the old adage goes, if something seems too good to be true, it probably is – especially when money is at stake.”
Young people are also most likely to fall victim to purchase scams, where scammers list fake or non-existent items for sale on social media and online marketplaces.
Kirsty Adams, Fraud & Scams Expert at Barclays, commented: “Scammers are often very strategic about who they target, why and when, seeking out victims whose circumstances might make them particularly vulnerable or susceptible.
“Purchase scams can be especially devious. Scammers are becoming increasingly adept at mimicking brands’ websites and communications and posing as legitimate companies.
“We encourage everyone to verify the site they’re buying from before making a purchase, and to ensure they’re only paying via authorised means.”