Cash-strapped students an easy target for fraudsters

We all know it doesn’t take much to break the student bank – textbooks and rent can make a dent before term even starts, let alone after seven nights of Freshers’ Week. So, it’s no surprise that cash-strapped students would consider ‘easy’ ways to make money to ensure their university experience is one to remember.

Allowing people to use someone’s account or transferring money on their behalf can lead to someone, either knowingly or unknowingly, becoming a money mule – where someone is asked to receive money into their account and then transfer it into another, or allow someone else access to their account for the same purpose usually with the promise of a financial reward.

Nearly two thirds (65%) of students surveyed did not know what a money mule is, even though 59% believe that they are vulnerable to money scams due to increased financial worries, the fact they are newly, financially independent (51%) and that they have less ‘lived-in’ experience to spot the warning signs of scams (41%), according to research from Nationwide Building Society.

Aston spoke to Ed Fisher, head of fraud at Nationwide Building Society.

Photo by Colin Watts on Unsplash