Young people are increasingly being targeted to become money mules and are often unaware of the devasting consequences on their future opportunities. They are approached to take part online or in person - including through social media, at school, college or via sports clubs.

But what is a money mule? A money mule is someone who transfers stolen money through their own bank account on behalf of someone else and is paid for doing so. Criminals use money mules to launder the profits of their crimes.

According to Cifas, the UK's leading fraud prevention service, in 2018 there were 5,819 cases of young people aged 14-18 using their bank accounts for money muling in the UK, an increase of 73 per cent in the past two years.

What may seem like an easy way to make some cash is illegal and helps to fund serious crimes such as drug dealing and people trafficking. When caught, bank accounts will be closed and it will be difficult for the money mule to open a bank account elsewhere or get a mobile phone contract or credit in the future.

That's why we launched the Don't Be Fooled campaign, a partnership between UK Finance and Cifas. It aims to inform students and young people about the risks of giving out their bank details and deter them from becoming money mules.

Parents and guardians can play an important role by ensuring young people have the knowledge and skills to help them.

As part of Don't Be Fooled, police forces nationally will be contacting schools in their area to warn parents and guardians of the risks of their children becoming a money mule. Law enforcement will be liaising with schools to deliver the letter via email, social media, school websites, newsletters and message boards.

The letter tells parents to look for tell-tale signs that their children have become money mules. These include:

• Making sure your child doesn't give their bank account details to anyone unless they know and trust them.
• Telling them to be cautious of unsolicited offers of easy money because if it sounds too good to be true, it probably is.
• Looking out for your child suddenly having extra cash, buying expensive new clothes or electronics with very little explanation as to how they got the money.
• Spotting them becoming more secretive, withdrawn or appearing stressed.

Law enforcement is a crucial part of this initiative, its success, and being the conduit for the letter to reach schools. Their participation in this initiative clearly demonstrates private and public sector partnership and collaboration.

This initiative is part of the work we do at UK Finance to help people stay safe from fraud and crack down on illicit finance to prevent stolen money from getting into the hands of criminals.

If you are interested in this topic, you may be interested in attending the upcoming UK Finance Economic Crime Congress where we'll debate similar themes and how the industry can respond. Learn more here.