Six in ten young people would lend their bank card and PIN code to a stranger, according to a survey conducted by Febelfin, the Federation of the Belgian Financial Sector.
The survey shows that young people in Belgium are extremely vulnerable to becoming 'money mules'. A 'mule' is someone who consciously or unconsciously provides their bank account details or bank card and PIN code to criminals seeking to launder money.
Prospective mules are often approached through their social circles, social media or by email and are promised quick and easy payment in return for providing their details.
The practice is illegal as it constitutes aiding and abetting money laundering and fraud. However, 10% of Belgians aged between 15 and 30 said they were unaware that it was a punishable offence. 15% are "completely unaware" of the legal implications.
Lack of awareness
Additionally, only 25% of those aged 16 to 30 know what the term money mule designates. Young people are also more likely to give their bank card and PIN code to a stranger (11% compared to 4% of the general population).
The survey shows that 3% of Belgians have been solicited to act as financial mules. 39% of cases accepted the offer. The figure rises to 61% among 16- to 30-year-olds.
Febelfin stated that it is working on "continuous and targeted awareness-raising among young people and their social circles."
