Students are common targets for financial scams, particularly money mule schemes and fake rental listings.
Money mule scams
A money mule is someone who receives criminal money into their bank account and transfers or withdraws it for someone else, often in exchange for a payment.
Typical warning signs include:
- being offered easy money for “moving” funds
- someone asking to use your bank account
- being told to receive money and send part of it elsewhere
- being asked to buy cryptocurrency for someone
- approaches through Instagram, Snapchat, WhatsApp or other social media
Even if you did not steal the money yourself, allowing your account to be used can amount to money laundering. Your bank account could be closed, you could have difficulty opening accounts in future, and serious cases can lead to criminal prosecution.
Never let someone else use your bank account to move money.
Rental scams
Rental fraud usually involves someone advertising a property they do not own, that does not exist, or that is not actually available. They then pressure you to send a deposit or rent before disappearing.
Before paying anything:
- view the property yourself where possible
- verify the landlord or letting agent
- make sure the address and property actually exist
- get a written tenancy agreement
- be suspicious of unusually cheap rent
- do not be rushed into transferring money
- avoid paying large deposits purely on the basis of messages or photos
If you're arranging accommodation from abroad or cannot visit, ask your university or someone you trust locally to help verify it.
If you think you've been scammed
Contact your bank immediately if money has been transferred or your account details have been compromised. Banks may sometimes be able to stop payments or recover money if you act quickly.
You should also report fraud through the appropriate UK fraud-reporting service and keep screenshots, messages, payment details and other evidence.
