A law enforcement agency has reported a growing trend of both Instagram and TikTok being utilized for the recruitment of money mules, who may be knowingly or unknowingly aiding criminal organizations with money laundering activities.
Individuals caught in this scheme could face prison terms of up to 14 years, along with potential bans on opening or maintaining a bank account.
Advertisements are commonly found on these social media and short video platforms, featuring individuals flaunting large amounts of cash and presenting quick money-making opportunities.
Those who respond are connected with individuals who offer to deposit money into their bank accounts. They are informed that their only task is to transfer a majority of the money to another account while keeping a portion for themselves. In some scenarios, participants may also be instructed to withdraw cash when funds are transferred from overseas.
Unwittingly or not, these individuals are participating in the laundering of money for criminal gangs, a serious offense.
BBC News reports a year-on-year increase of 11% in such cases in the UK, noting that many participants remain unaware of the risks involved. They cite the case of one man who fell into this trap unknowingly.
Derai confessed he was unaware of money mules until he found himself involved in the scheme […]
“I came across a friend’s post that said: ‘Want to make some quick cash today?’” Derai recalls how the friend’s Instagram featured posts with images of “cars, hands holding £50 notes, and exotic vacations.”
“It was all about glitz and glamour,” he adds. “She’d post, ‘I made this much money today, and you can too.’”
Derai replied to an Instagram ad promising quick cash and was soon connected to someone he later realized was a recruiter for money mules.
After a brief chat, Derai provided his bank details and had £4,000 ($5,000) deposited into his account the very same day. He arranged to meet with a recruiter at a bank to withdraw the deposited cash and hand it over.
However, while following their directions, the cash machine seized his bank card, and shortly after, his bank notified him that his account had been closed […]
“I was informed that I might not be able to open a bank account for up to six years,” states Derai. “I’m on a blacklist. You can’t obtain a credit card, loan, or mortgage.”
Britain’s National Crime Agency (NCA) indicates that social media platforms are commonly used for recruitment.
The NCA has highlighted that TikTok and Instagram are “very prevalent” in the ongoing investigations.
Meta, the parent company of Instagram, mentioned its collaboration with UK banks and investigators to combat scams and deter criminal behavior. TikTok reported that in spring 2024, it successfully removed 95.9% of videos that violated its fraud and scam policies before they were flagged. Meanwhile, Snap Inc., the parent company of Snapchat, confirmed it regularly preserves suspected illegal content for authorities if requested.
The standard caution remains in effect: if an offer sounds too good to be true, it probably is.
Photo: Alexander Mils/Unsplash
: . More.
