QUIZ: Do you know what a ‘money mule’ is and how to spot one?

Danny Jones

In partnership with NatWest

Money muling is on the rise. Here’s how to make sure you don’t get caught out.

In times like these, looking after your finances is more important than ever. With people keeping a closer eye on the pennies and being more responsible when it comes to budgeting and saving, the last thing you need to worry about is ‘money muling’.

No, that’s not a phrase we just made up, money muling is a real thing and it catches out thousands of people in the UK every year.

Put simply, it’s a form of money laundering and essentially involves anyone who transfers stolen money on behalf of someone else – typically through their own personal bank account – and usually receives a commission in the process.

Those targeted are often younger and older demographics and according to Cifas – the UK’s leading fraud prevention body – there were over 17,000 suspected cases involving 21- to 30-year-olds in 2020 alone.

How to spot a money mule

With that in mind, JOE and NatWest have put together a quick quiz to see if you can figure out how to spot a money mule. Let’s see how you get on.

There are obviously all manner of variations on these schemes, such as romance scams and even random approaches in Instagram and Snapchat stories.

Thankfully, with the help of resources like this, you’ll be better prepared when it comes to identifying them.

It’s worth reminding that even if money mules are not directly involved in the crimes that generate the money, i.e. cybercrime, dodgy payments and fraud etc., they are accomplices, as they launder the proceeds of such crimes. That means you will be too, even if you are the smallest link in the chain.

Money mules are essentially the middle-men used in order for real criminals to remain anonymous while moving funds around the world. Don’t let your honest, hard-earned money, or your name, become a part of it.