One in ten young Belgians has been approached to act as a financial mule for criminals, giving away their bank details to ferry money for criminal groups, Belgium's financial federation Febelfin warned on Tuesday. It noted that this criminal tactic is growing.
In response, Febelfin has launched a new campaign aimed at parents to warn about the dangers of online fraud.
A money mule offers up their bank account or bank details to criminals, often with the promise of financial rewards. They use this method to move money around in a bid to evade authorities. Criminals are increasingly recruiting children – both by approaching them physically or online.
Febelfin notes that young people are increasingly targeted by get-rich-quick schemes on social media that offer large sums of money to young people who help in money laundering schemes.
“Reacting to (these adverts) without thinking can escalate in a few seconds,” Febelfin warns. Its new campaign will teach parents and young people about the risk of loaning out their bank accounts. If caught by police, these young people can become complicit in the crimes of organised criminal groups and face hefty jail sentences.
Febelfin has put up a large poster on the Place de la Bourse in Brussels to warn about the dubious advertising that young people are often exposed to online. According to the results of Febelfin’s survey, far too many young people are reckless when it comes to online safety.
Worrying statistics
A quarter of 16- to 25-year-olds have shared financial information in the past year without trusting fully the recipient. This is an 8% increase compared to 2021. And it is not just young people who are falling for the scams – 11% more adults also admit to being involved with dubious transactions this year.
Furthermore, 16% of young people surveyed would disclose their bank details without hesitation if their “bank” asked for it, compared to 8% in 2021. For reference, banks will never ask clients to give their information over the phone or by email. Less than a quarter of young people had never heard of the word “phishing” in Belgium.
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Finally, around 16% of young people would be ready to give their bank card or bank details to someone they do not know in exchange for money, acting as a money mule. As financial hardship grows in Belgium, this figure has increased. 7% more young people said they were prepared to act as mules than last year.
Almost 80% of young people have no idea what a mule is and few have any idea of the risks that come with it. The Belgian Federal Police warns that those caught acting as a money mule face criminal prosecution.
“You bring a lot of grief to innocent people. The money that criminals pass via your account is criminal. It is very often stolen from the account of ordinary people like you, your friends, your parents.”
