A leading high street bank has warned students to beware of being lured into becoming a “money mule”.
Barclays said that the number of under-21s being recruited by criminals to launder money has more than tripled in the past three years.
But the bank said that its research found that only half of students would tell the police if they were asked to be a money mule and even fewer would tell their bank.
And one in twenty students said that, due to the coronavirus pandemic, they were more likely to consider making easy money if approached, even if it looked suspicious.
Barclays said: “Cash-strapped students are key targets for fraudsters, with 30 per cent of all money mules reported to Barclays last year, by victims and other banks, falling under the age of 21.
“Research revealed that half (52 per cent) of students worry about their financial situation on a weekly basis, which is leaving them vulnerable to some of the common techniques used by fraudsters.
“As many young people start to manage their own finances for the first time, Barclays is warning students heading back to university to be extra vigilant and aware of the risks.
“It’s common for criminals to use channels such as social media and messaging services to lure students into laundering dirty cash with fake job adverts offering easy money.
“These tactics appeal to students as six in ten (57 per cent) said that they would be tempted to click through to find out more about a recruitment advert for a dream role at a company they have never heard of.”
Ross Martin, head of digital safety at Barclays, said: “With the start of the new academic year, it’s a prime time for fraudsters to be targeting young people with the lure of making easy money.
“It might be particularly tempting given the current situation with the job market and the need for extra money if family finances are tight.
“Always do your research and check that the job is legitimate – don’t run the risk of damaging your future career and finances.”
Barclays added: “The research also suggests that while the number of students being targeted has increased significantly, nearly half of university students did not know what a money mule was.
“A money mule is someone who is asked to receive money into their bank account and transfer it into another account or who allows somebody to take control of their account.
“The money being transferred would be the proceeds of crime and the mule will be considered to be facilitating money laundering.
