FOS warns of youngsters being used as 'money mules'

'Knowingly or otherwise'

Carmen Reichman
clock • 2 min read

Young people are particularly vulnerable to financial fraud, with many under-30s being targeted by criminals as "money mules", the Financial Ombudsman Service (FOS) has warned.

A money mule is generally someone who allows fraudsters to launder money through their bank account in return for cash. However the FOS has come across cases where youngsters have participated in the fraud unknowingly as well as knowingly. The Financial Conduct Authority (FCA) has in the past highlighted increased fraud activity directed at older people, which was mostly pension-related. But the FOS said there was evidence younger people were also particularly at risk of getting caught up in financial fraud. People have typically complained to the FOS about their bank closing the...

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