Avoiding The Money Mule

While many people may be keen to get a job in these difficult financial conditions, failing to check the legitimacy of their employer could put their finances in jeopardy, a new report has claimed.

October 1, 2008 (FPRC) -- According to APACS, the UK payments industry regulator, fraudsters are increasingly looking to target unwitting consumers in their aim to get dirty money into other countries without alerting the authorities. It explained that there has been a substantial increase in the number of money mule job advertisements, where people are drawn by an offer of quick and easy cash to supplement their income. However, what the applicants are not told is that the job involves breaking the law.

Following the acceptance of such an offer, consumers receive money in their bank account which is to be withdrawn and sent via money transfer to a recipient in another country, with the sender given a proportion of the total amount. APACS warned that in doing so, consumers are acting in contravention to laws governing the way money is transferred and could find themselves placed under arrest - something which could put their ability to keep up with repayments on mortgages, credit cards and secured loans in jeopardy.

As such, the group urged consumers to treat with diligence any offer of work they receive via unsolicited email, on websites or even advertisements appearing in newspapers. All such media are used by fraudsters to disseminate these offers, which commonly target specific audiences, such as parents looking to supplement their income while looking after the family. So too, students are often targeted, with advertisements claiming to offer a quick solution to pay course and accommodation fees.

For those who are struggling on their current income and are interested in supplementing their income legitimately, taking out cheap loans may provide an effective way to manage monthly costs without slipping further into the red. Meanwhile, those looking for new employment were warned that they should always check the integrity of the company they are applying to.

Sandra Quinn, director of communications at APACS, commented: 'Criminals clearly arent 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. By allowing your bank account to be used to receive and transfer funds, you will be acting illegally, even if you have had nothing to do with the actual theft of funds from another persons account. If you see an opportunity to make some easy money and the offer seems too good to be true, then it probably is.'

Consumers looking for a change in career have also recently been advised by Birmingham Midshires to seek out financial advice before making the leap to minimise the likelihood of putting undue strain on their finances. For those who are currently looking for employment, taking out a cheap personal loan may prove an effective way to keep up with various financial commitments during the interim period.

All About Loans providing you with breaking personal finance news.

For more information contact Sarah Johnson of All About Loans

Keywords: secured loans, cheap loans, cheap personal loan

Recent Press Releases By The Same User

New Payday Loans Site Launched This Week (Tue 7th Jun 11)

Guarantor Loans Arranged Website Launches in UK (Mon 6th Jun 11)

Payday Loan Requests Jump by More Than 50 Per Cent in May (Wed 1st Jun 11)

Find.gg Launches in Guernsey (Tue 5th Oct 10)

Guarantor Loans Gaining Popularity (Sat 31st Jul 10)

New Guernsey Loans Website (Sun 20th Jun 10)

Register here.
Forgotten password?