Online Banking Fraudsters Lure Innocent into Criminal Activity

Published on 1 January 1970 by Raffick Marday

Pound SignFake job recruitment scams are increasingly luringinnocent people into money laundering activity, with a high level of cases pinpointed in East London.

The criminals are typically overseas online banking fraudsters, who recruit innocent people to transfer money overseas that has been stolen, usually via phishing scams.The research by Financial Fraud Action UK highlights that consumers are worryingly unaware of the scams, with half of all mule accounts identified in Greater London located in East London, and 70 percent based in Newham.
“Whilst criminals are currently focusing on East Londoners, this problem is a national one and nobody can afford to be complacent,” said Katy Worobec, Financial Fraud Action’s head of fraud control.

“Consumers are not reacting seriously enough to the potential warning signs.”

The fraudsters typically recruit the unemployed or students who are short of cash, and offer them a large reward for the small job of accepting money into their account and then transfer it overseas using a wire transfer service.

The study also revealed that men are more likely than women to be targeted to become a mule, 60 percent, compared to 40 percent, and those aged 18-34 years old are also more likely to be approached compared to people over 55.

Fraud Protected Prepaid Cards

Credit card fraud is a common problem with people using their cards online, and in various different areas of the country more often.

People are using their cards for everyday purchases too instead of paying in cash, making it harder to keep track of all their transactions.

A prepaid card is fraud protected, so can be cancelled if it becomes lost or stolen, and can be used like a credit card to make purchases, but only to the amount that the user loaded onto the card.


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