Money Mules (also known as Squaring)
Money Mules - Don't fall into the trap
What is a money mule?
A money mule is a person who transfers stolen money on behalf of others, usually through their bank account. Criminals contact people and offer them cash to receive money into their bank account and transfer it to another account. This person is known as a ‘money mule’.
What is the money used for?
The money that money mules transfer is usually stolen, it’s used to fund lots of different crimes, like drug dealing, sexual exploitation, frauds and scams, human trafficking and even terrorism.
Why would someone become a money mule?
Criminals often target vulnerable people who are likely to be in need of money. Sometimes they do not realise they have committed a crime.
How do criminals target money mules?
Criminals often make job adverts offering 'quick cash'. They also use social media to find a suitable target by befriending them.
How are money mules caught?
Banks have systems in place to detect suspicious activity, authorities are then notified.
What happens when the money mule gets caught?
- Their bank account will be closed
- They will find it difficult to get loans or phone contracts
- They could go to prison for up to 14 years
How can I avoid money mule schemes?
- Be wary of strangers contacting you on social media
- Do not give out your bank account details to anyone unless you know and trust them
- Be wary of offers of easy money
