Latest news with #JamieWolff
North Wales Live
08-05-2025
- Business
- North Wales Live
Warning issued over 'money mule' messages that could see you jailed for years
Shocking research by Virgin Money has found that one in five Brits have been targets of scammers trying to launder money through illicit means. According to the findings, a significant number of adults have been asked to either hold onto funds, apply for a loan using someone else's identity, or open new bank accounts in exchange for financial rewards - a tactic known as 'money muling'. Money mule schemes involve the use of individuals or accounts by criminals to launder money. These networks frequently prey on vulnerable people to funnel stolen money through their bank accounts, some of which could be financing organised crime, in order to disguise where its come from. Scammers focus their efforts on social media users, particularly those in Generation Z, making them the prime targets. But it's not just young adults being targeted: it is also students, asylum seekers, and those new to the country. The research highlights that a third of adults have never heard of the term 'money mule', which describes someone who carries out these actions in a money laundering process, and a fifth only had a vague understanding of what it involves. Jamie Wolff from Virgin Money cautions against taking these matters lightly, stating "this is serious business and can have huge consequences." He goes on to explain: "While the prospect of quick cash can be tempting, especially for students and other typical targets of this type of fraud, the consequences of laundering funds from fraud and scams can be devastating, affecting many lives, including your own. "If you're caught as a money mule, you could face up to 14 years in prison, lose your job or place in higher education, and access to financial products like your bank account, mortgage, and phone contract." He further warned that involvement in such activities exposes you to criminal networks who often operate by their 'own rules'. On average, participants reported receiving around 10 messages claiming they had won a prize or were entitled to funds from a distant relative. With such a high volume of these types of messages, an overwhelming 82% expressed worry about the prevalence of financial fraud in general. In a bid to monitor any suspicious activity, 24% confessed to checking their bank account daily. But this hasn't stopped one in ten falling victim to scams in the past. Jamie added: "It's important to highlight the signs to look out for when it comes to being targeted, which is why we've released five top tips to keep in mind. We take this issue very seriously and aim to educate and raise awareness to protect everyone from becoming victims of serious financial crimes. "We'd urge anyone to think twice before agreeing to transfer money for someone else, because it could be the worst decision you ever make." EXPERT TIPS ON TO AVOID BECOMING A MONEY MULE Question any requests to receive or move money Even if it comes from a friend, family member or someone that you met online, ask questions. Don't simply accept money into your account and agree to transfer it onwards – always ask for the reason why and make sure you feel comfortable with this. Be wary of too-good-to-be-true opportunities Watch out for job offers that promise easy money, especially if they involve receiving money into your bank account. Protect your personal information Don't open bank or cryptocurrency accounts at someone else's request, and never share your bank details, PINs, debit card or online credentials. You could be allowing criminals to use your account to launder the proceeds of crime. Avoid online love scams Don't send money to online love interests, even if they send you money first. These are often scams designed to exploit your trust. Stay informed and vigilant Trust your instincts: if something sounds too good to be true then it probably is. If you are unsure about a situation involving money or your bank account, speak to someone that you trust or dial 159 to be securely connected to your bank.
Wales Online
08-05-2025
- Business
- Wales Online
Warning issued over 'money mule' messages that could see you jailed for years
Warning issued over 'money mule' messages that could see you jailed for years Research from Virgin Money has shown that a fifth of adults have been targeted by scammers looking to launder cash - and that many are risking imprisonment by getting involved Shocking research by Virgin Money has found that one in five Brits have been targets of scammers trying to launder money through illicit means. According to the findings, a significant number of adults have been asked to either hold onto funds, apply for a loan using someone else's identity, or open new bank accounts in exchange for financial rewards - a tactic known as 'money muling'. Money mule schemes involve the use of individuals or accounts by criminals to launder money. These networks frequently prey on vulnerable people to funnel stolen money through their bank accounts, some of which could be financing organised crime, in order to disguise where its come from. Scammers focus their efforts on social media users, particularly those in Generation Z, making them the prime targets. But it's not just young adults being targeted: it is also students, asylum seekers, and those new to the country. The research highlights that a third of adults have never heard of the term 'money mule', which describes someone who carries out these actions in a money laundering process, and a fifth only had a vague understanding of what it involves. Jamie Wolff from Virgin Money cautions against taking these matters lightly, stating "this is serious business and can have huge consequences." He goes on to explain: "While the prospect of quick cash can be tempting, especially for students and other typical targets of this type of fraud, the consequences of laundering funds from fraud and scams can be devastating, affecting many lives, including your own. Article continues below "If you're caught as a money mule, you could face up to 14 years in prison, lose your job or place in higher education, and access to financial products like your bank account, mortgage, and phone contract." He further warned that involvement in such activities exposes you to criminal networks who often operate by their 'own rules'. Scammers are targeting vulnerable students and teenagers (Image: Getty Images ) On average, participants reported receiving around 10 messages claiming they had won a prize or were entitled to funds from a distant relative. With such a high volume of these types of messages, an overwhelming 82% expressed worry about the prevalence of financial fraud in general. In a bid to monitor any suspicious activity, 24% confessed to checking their bank account daily. But this hasn't stopped one in ten falling victim to scams in the past. Jamie added: "It's important to highlight the signs to look out for when it comes to being targeted, which is why we've released five top tips to keep in mind. We take this issue very seriously and aim to educate and raise awareness to protect everyone from becoming victims of serious financial crimes. "We'd urge anyone to think twice before agreeing to transfer money for someone else, because it could be the worst decision you ever make." EXPERT TIPS ON TO AVOID BECOMING A MONEY MULE Question any requests to receive or move money Even if it comes from a friend, family member or someone that you met online, ask questions. Don't simply accept money into your account and agree to transfer it onwards – always ask for the reason why and make sure you feel comfortable with this. Be wary of too-good-to-be-true opportunities Watch out for job offers that promise easy money, especially if they involve receiving money into your bank account. Eight in 10 adults worry about the level of online scams (Image: Getty Images ) Protect your personal information Don't open bank or cryptocurrency accounts at someone else's request, and never share your bank details, PINs, debit card or online credentials. You could be allowing criminals to use your account to launder the proceeds of crime. Avoid online love scams Don't send money to online love interests, even if they send you money first. These are often scams designed to exploit your trust. Article continues below Stay informed and vigilant Trust your instincts: if something sounds too good to be true then it probably is. If you are unsure about a situation involving money or your bank account, speak to someone that you trust or dial 159 to be securely connected to your bank.
Daily Mirror
07-05-2025
- Business
- Daily Mirror
One in five Brits approached by money launderers - how to protect yourself
A fifth of adults claim they have been asked to hold funds, apply for a loan in someone else's name, or open a new account, all in exchange for cash One in five Brits say they have been targeted by fraudsters to to to rope them into money laundering schemes. A worrying study carried out by Virgin Money discovered that a fifth of adults have been solicited to hold funds, apply for a loan under someone else's name, or open a new account, all in exchange for cash, this process is commonly referred to as being a 'money mule'. Money mule networks are groups of individuals or accounts exploited by criminals to launder money. These criminals often prey on people to move stolen cash through their bank accounts, effectively hiding where the money came from, some of which could be fuelling organised crime. Money mule recruiters are increasingly exploiting social media to lure in teenagers, students, the vulnerable, asylum seekers, and those newly arrived in the country or on lower incomes, with Gen Z being the most heavily targeted demographic. According to recent research, a third of adults are clueless about what a 'money mule' is. Moreover, 20% have only a vague understanding of what it is. Many of which did not know that anyone caught being involved could face up to 14 years in prison. Not only that, but expert Jamie Wolff, from Virgin Money, explained that becoming a money mule can have a devastating impact on individuals, and wider society. He cautioned that it might be a tempting way to make quick cash, it can have huge consequences. "This is not a sneaky way to make a few quid and then get a telling off if you get caught; this is serious business and can have huge consequences." He warned: "If you're caught as a money mule, you could face up to 14 years in prison, lose your job or place in higher education, and access to financial products like your bank account, mortgage, and phone contract." More concerningly, he cautioned: "You also open yourself up to a criminal network where those involved often make their own laws." When asked what steps they would take if they inadvertently became a money mule, four out of ten respondents said they would report the situation to the police, while one in five would seek legal advice. However, a worrying 15% admitted they would not know where to go to report it. Respondents revealed that in the past, they have received an average of 10 messages saying they have either won a prize or were eligible to receive funds from a long-lost relative. With such a high frequency of these types of messages, 82% are left concerned about the prevalence of financial fraud in general. To keep an eye on any suspicious activity, 24% say they check their bank account daily. Yet, despite this vigilance, 12% have still fallen victim of a financial scam. Jamie added: "It's important to highlight the signs to look out for when it comes to being targeted, which is why we've released five top tips to keep in mind. We take this issue very seriously and aim to educate and raise awareness to protect everyone from becoming victims of serious financial crimes." "We'd urge anyone to think twice before agreeing to transfer money for someone else, because it could be the worst decision you ever make." EXPERT TIPS ON TO AVOID BECOMING A MONEY MULE Question any requests to receive or move money: Even if it comes from a friend, family member or someone that you met online. Don't simply accept money into your account and agree to transfer it onwards – always ask for the reason why and make sure you feel comfortable with this. Be wary of too-good-to-be-true opportunities: Watch out for job offers that promise easy money, especially if they involve receiving money into your bank account. Protect your personal information: Don't open bank or cryptocurrency accounts at someone else's request, and never share your bank details, PINs, debit card or online credentials. You could be allowing criminals to use your account to launder the proceeds of crime. Avoid online love scams: Don't send money to online love interests, even if they send you money first. These are often scams designed to exploit your trust. Stay informed and vigilant: Trust your instincts, if something sounds too good to be true then it probably is. If you are unsure about a situation involving money or your bank account, speak to someone that you trust or dial 159 to be securely connected to your bank.
Scottish Sun
07-05-2025
- Business
- Scottish Sun
One in five Brits claim they have been approached to help illegally launder money
DIRTY CASH One in five Brits claim they have been approached to help illegally launder money One in five Brits claim they have been approached to help illegally launder money, research has found. A poll of 2,000 adults revealed 21 per cent have been asked to receive funds to their bank, apply for a loan in someone else's name, or open a new account, all in exchange for cash. Advertisement 1 One in five Brits claim they have been approached to help illegally launder money Fraudsters target people to transfer stolen money through their bank accounts to disguise the origins. Yet, a third of adults have never heard of the term 'money mule', which describes someone who carries out these actions in a money laundering process, and 21 per cent only had a vague understanding, according to research by Virgin Money. One in 20 (six per cent) even thought it is a quirky nickname for a person who stubbornly refuses to spend their money. Money mule recruiters often use social media to target teenagers, students, vulnerable people, asylum seekers, and those who are on lower incomes or new to the country. Advertisement And 23 per cent of Gen Z have been directly offered money to transfer funds through their bank account, more than any other generation – with social media the most prominent method. Expert Jamie Wolff, from Virgin Money, explained how becoming a money mule has a devastating impact on individuals, and wider society: ' This is not a sneaky way to make a few quid and then get a telling off if you get caught; this is serious business and can have huge consequences. 'While the prospect of quick cash can be tempting, especially for students and other typical targets of this type of fraud. Advertisement "The consequences of laundering funds from fraud and scams can be devastating, affecting many lives, including your own. 'If you're caught as a money mule, you could face up to 14 years in prison, lose your job or place in higher education, and access to financial products like your bank account, mortgage, and phone contract. Inside the TikTok Job Centre used by Albanian crimelords to advertise £100,000-a-year drug dealer jobs 'You also open yourself up to a criminal network where those involved often make their own laws." When respondents were quizzed on what they'd do if they unknowingly became a money mule, 43 per cent said they'd explain their situation to the police, while 20 per cent would seek legal advice. Advertisement Fifteen per cent would want to report it to someone but wouldn't know who or where to go. When asked what they thought the consequences of being caught might entail, 70 per cent didn't realise it could impact their chances of getting a job in the future. Over half (52 per cent) also didn't realise they could end up behind bars for up to 14 years. The poll also revealed 24 per cent were unaware that cash raised from money mule schemes could be funding crimes such as sex trafficking or terrorism. Advertisement Meanwhile, respondents revealed they had received an average of 10 messages saying they've won a prize or are eligible to receive funds from a long-lost relative. With such a high frequency of these types of messages, 82 per cent are left concerned by the prevalence of financial fraud in general. As a result, 24 per cent admit to checking their bank account daily for suspicious transactions. Despite this, 12 per cent have fallen victim to a financial scam or fraud, with 19 per cent almost falling for one but managed to spot it at the last minute, according to the data. Advertisement Jamie Wolff from Virgin Money added: 'The research has revealed varying understanding of the term 'money mule', highlighting that there's a big gap in education of younger people in particular. 'With Gen Z most frequently contacted and less likely to recognise fraudulent funds, it's important to highlight the signs to look out for when it comes to being targeted, which is why we've released five top tips to keep in mind. 'We take this issue very seriously and aim to educate and raise awareness to protect everyone from becoming victims of serious financial crimes. 'We'd urge anyone to think twice before agreeing to transfer money for someone else, because it could be the worst decision you ever make.' Advertisement How to avoid becoming a money mule 1. Question any requests to receive or move money: Even if it comes from a friend, family member or someone that you met online. Don't simply accept money into your account and agree to transfer it onwards – always ask for the reason why and make sure you feel comfortable with this. 2. Be wary of too-good-to-be-true opportunities: Watch out for job offers that promise easy money, especially if they involve receiving money into your bank account. 3. Protect your personal information: Don't open bank or cryptocurrency accounts at someone else's request, and never share your bank details, PINs, debit card or online credentials. Advertisement You could be allowing criminals to use your account to launder the proceeds of crime. 4. Avoid online love scams: Don't send money to online love interests, even if they send you money first. These are often scams designed to exploit your trust. 5. Stay informed and vigilant: Trust your instincts, if something sounds too good to be true then it probably is. Advertisement If you are unsure about a situation involving money or your bank account, speak to someone that you trust or dial 159 to be securely connected to your bank.
The Sun
07-05-2025
- Business
- The Sun
One in five Brits claim they have been approached to help illegally launder money
One in five Brits claim they have been approached to help illegally launder money, research has found. A poll of 2,000 adults revealed 21 per cent have been asked to receive funds to their bank, apply for a loan in someone else's name, or open a new account, all in exchange for cash. 1 Fraudsters target people to transfer stolen money through their bank accounts to disguise the origins. Yet, a third of adults have never heard of the term 'money mule', which describes someone who carries out these actions in a money laundering process, and 21 per cent only had a vague understanding, according to research by Virgin Money. One in 20 (six per cent) even thought it is a quirky nickname for a person who stubbornly refuses to spend their money. Money mule recruiters often use social media to target teenagers, students, vulnerable people, asylum seekers, and those who are on lower incomes or new to the country. And 23 per cent of Gen Z have been directly offered money to transfer funds through their bank account, more than any other generation – with social media the most prominent method. Expert Jamie Wolff, from Virgin Money, explained how becoming a money mule has a devastating impact on individuals, and wider society: ' This is not a sneaky way to make a few quid and then get a telling off if you get caught; this is serious business and can have huge consequences. 'While the prospect of quick cash can be tempting, especially for students and other typical targets of this type of fraud. "The consequences of laundering funds from fraud and scams can be devastating, affecting many lives, including your own. 'If you're caught as a money mule, you could face up to 14 years in prison, lose your job or place in higher education, and access to financial products like your bank account, mortgage, and phone contract. Inside the TikTok Job Centre used by Albanian crimelords to advertise £100,000-a-year drug dealer jobs 'You also open yourself up to a criminal network where those involved often make their own laws." When respondents were quizzed on what they'd do if they unknowingly became a money mule, 43 per cent said they'd explain their situation to the police, while 20 per cent would seek legal advice. Fifteen per cent would want to report it to someone but wouldn't know who or where to go. When asked what they thought the consequences of being caught might entail, 70 per cent didn't realise it could impact their chances of getting a job in the future. Over half (52 per cent) also didn't realise they could end up behind bars for up to 14 years. The poll also revealed 24 per cent were unaware that cash raised from money mule schemes could be funding crimes such as sex trafficking or terrorism. Meanwhile, respondents revealed they had received an average of 10 messages saying they've won a prize or are eligible to receive funds from a long-lost relative. With such a high frequency of these types of messages, 82 per cent are left concerned by the prevalence of financial fraud in general. As a result, 24 per cent admit to checking their bank account daily for suspicious transactions. Despite this, 12 per cent have fallen victim to a financial scam or fraud, with 19 per cent almost falling for one but managed to spot it at the last minute, according to the data. Jamie Wolff from Virgin Money added: 'The research has revealed varying understanding of the term 'money mule', highlighting that there's a big gap in education of younger people in particular. 'With Gen Z most frequently contacted and less likely to recognise fraudulent funds, it's important to highlight the signs to look out for when it comes to being targeted, which is why we've released five top tips to keep in mind. 'We take this issue very seriously and aim to educate and raise awareness to protect everyone from becoming victims of serious financial crimes. 'We'd urge anyone to think twice before agreeing to transfer money for someone else, because it could be the worst decision you ever make.' How to avoid becoming a money mule 1. Question any requests to receive or move money: Even if it comes from a friend, family member or someone that you met online. Don't simply accept money into your account and agree to transfer it onwards – always ask for the reason why and make sure you feel comfortable with this. 2. Be wary of too-good-to-be-true opportunities: Watch out for job offers that promise easy money, especially if they involve receiving money into your bank account. 3. Protect your personal information: Don't open bank or cryptocurrency accounts at someone else's request, and never share your bank details, PINs, debit card or online credentials. You could be allowing criminals to use your account to launder the proceeds of crime. 4. Avoid online love scams: Don't send money to online love interests, even if they send you money first. These are often scams designed to exploit your trust. 5. Stay informed and vigilant: Trust your instincts, if something sounds too good to be true then it probably is. If you are unsure about a situation involving money or your bank account, speak to someone that you trust or dial 159 to be securely connected to your bank.
