Bank accounts for CIFAS Markers

Exodi

nyermen said:
I would also note that there's a big discussion on the studentforum website about options.

For other forumgoers, the reason for this is that there's been a dramatic increase in 18 year olds being recruited as money muels via social media.

As an example, a scammer might be emailing businesses pretending to be a supplier and asking for an invoice to be paid. Obviously if the scammer put their own bank account on the invoice, they could be tracked. They also might not be from the UK and a foreign bank account would raise red flags to the business - so they recruit a 'money mule' who would provide their bank details and receive the money instead. When the money muel receives the money, they usually keep a chunk (commonly quite a big chunk - think 50%!) and either try to withdraw the rest, or transfer the rest onwards.

Money mules are commonly recruited on social media - typically allured by videos of piles of cash and simple deals along the lines of "I'll send you £2k, you withdraw £1k and keep £1k". For an 18 year old, hundreds/thousands of pounds for virtually nothing can prove too tempting (and they may not fully appreciate that they are facilitating crime).

Obviously the crimes vary, but the concept remains the same.

The unfortunate reality is the 18 year olds are being exploited. Eventually the bank uncovers the fraud and places a marker on the register (cat 6 in the above example). The funds get frozen, the criminals just move on to the next money mule (having already 'priced in' this risk) and in some cases, might pressure the 18 year old to repay them the money they 'lost'.

Standingstrong

Exodi said:

nyermen said:
I would also note that there's a big discussion on the studentforum website about options.

For other forumgoers, the reason for this is that there's been a dramatic increase in 18 year olds being recruited as money muels via social media.

As an example, a scammer might be emailing businesses pretending to be a supplier and asking for an invoice to be paid. Obviously if the scammer put their own bank account on the invoice, they could be tracked. They also might not be from the UK and a foreign bank account would raise red flags to the business - so they recruit a 'money mule' who would provide their bank details and receive the money instead. When the money muel receives the money, they usually keep a chunk (commonly quite a big chunk - think 50%!) and either try to withdraw the rest, or transfer the rest onwards.

Money mules are commonly recruited on social media - typically allured by videos of piles of cash and simple deals along the lines of "I'll send you £2k, you withdraw £1k and keep £1k". For an 18 year old, hundreds/thousands of pounds for virtually nothing can prove too tempting (and they may not fully appreciate that they are facilitating crime).

Obviously the crimes vary, but the concept remains the same.

The unfortunate reality is the 18 year olds are being exploited. Eventually the bank uncovers the fraud and places a marker on the register (cat 6 in the above example). The funds get frozen, the criminals just move on to the next money mule (having already 'priced in' this risk) and in some cases, might pressure the 18 year old to repay them the money they 'lost'.

You hit nail on head there.

i have not done no fraud. The bank put it on my name in error ! 

But I’ve managed to get a NW buildingS account