It's important for students to be vigilant about their finances so that they don't accidentally become a target of Money Mule scams. These are activities where a scammer will ask you to store money illegally in your account in return for a small reward. This is money laundering and you can be convicted for this offence. If you willingly accept the money and then re-transfer it later on, there will be no way to prove that you didn’t know how the money was sourced originally.

There are situations that a student might encounter where it's not immediately obvious that they're being asked to be a money mule. For example, a flatmate could ask to transfer some of their money into your account while they apply for an income-dependent bursary. This might seem like a reasonable favour, but holding sums of money on a flatmate's behalf so that they can secure an award they are not eligible to receive, could jeopardise both your places at the university and also get you into trouble with the law.

You can learn more about common money laundering schemes and how to stay safe by visiting the tips & advice provided by moneymules.co.uk