Money Laundering Scams

We would like to draw your attention to a money laundering scheme we have been made aware of by the Essex Safeguarding Children Board.

Young people are increasingly becoming ‘money mules’ as fraudsters target their bank accounts in a tempting scam. The scam is known as ‘Deets’ and ‘Squares’ - ‘Deets’ being slang for bank details and a ‘Square’ being a credit or debit card. Criminals are asking young people to receive money into their bank account and transfer it to someone else – or in some cases, asking them to withdraw it in cash and hand it over in person. While this can seem tempting for young people as a means to make money, victims are actually breaking the law and could be unknowingly laundering the proceeds of crime which runs the risk of a conviction and ruined credit history which can affect future life opportunities. We are aware of one student in school who has been approached on social media about using their bank account to store money.

To raise awareness with young people to help prevent them falling victim to this fast developing scam, we have provided 5 tips below.

• Parents/carers should check their children’s bank statements with them regularly, ensuring every transaction can be accounted for.
• Make sure youngsters know not to give anyone their PIN, pass-code, or password, even to someone claiming to be from their bank or the police.
• If a child comes home with new clothes, trainers, electronic devices or other items that cannot be accounted for, ask them how they got the money to purchase them.
• Explain that allowing someone else to use their bank details, regardless of how attractive or plausible the offer, is a potentially serious criminal offence that could damage their financial future. That this means they may not be able to get a mobile phone contract, mortgage or car loan.
• Teach them the simple rule that if it looks too good to be true, then it probably is.