Increase in banking fraud adverts

By Sarah Engle, Fri 26 Sep 2008 - Published in Banking

There has been an increase in 'money mule' recruitment advertisements in Britain, according to the UK payments association.

Apacs reveals 'money mule' or 'money transfer agent' is a saver recruited by fraudsters to move funds from one country to another, which can be an illegal activity.

The organisation explains the fraudsters use mules to launder money by transferring them funds and having it sent abroad through a wire transfer service, often promising them a commission payment for the use of their account.

Figures from the association show 1,462 advertisements for money mules were recorded in 2007, compared to 1,087 in 2006 and 472 in 2005.

Sandra Quinn, director of communications at Apacs, commented: "Criminals clearly aren't giving up and are turning to new and more sophisticated methods of transferring fraudulent funds out of this country.

"We urge consumers to be cautious about any unsolicited offers or opportunities offering the chance to make some easy money."

Ms Quinn also reminded savings that using a banking account in this way could have legal consequences and advised them to contact their bank if they believe they have taken part in this activity.

Earlier this month, Apacs revealed more than 1.5 million credit cards are registered each month with the MasterCard SecureCode and Verified by Visa protection schemes.

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