Brits Browsing ‘Money Mule’ Hits Peak As The Threat Rises

Equifax created an infographic to educate the public around the dangers of money mule issue

money mules

The ‘money mule’ threat remains to be an ongoing issue within the UK and members of the public are becoming gradually more inquisitive into this important subject matter.

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Q2 hedge fund letters, conference, scoops etc

As a result, searches across the internet seem to be increasing and with more curiosity than ever before Equifax have devised this educational infographic after research shows that:

  • Over the last 12 months, approximately 1,550 monthly average searches were made for the term, compared to 810 searches the previous year*
  • Below (see table 1) is the UK regional breakdown for the average monthly searches around the term (based on the last twelve months)
  • Londoners are searching around the term 'Money Mule' more than any other city in the UK

Table 1

London 22.8%
Birmingham 3.0%
Leeds 1.7%
Manchester 1.6%
Glasgow 1.5%
Other cities 69.4%

The Equifax infographic also comes after the release of the 2019 Fraudscape Cifas report* which saw

  • The largest rise (35%) in money muling was among those aged between 41 and 60 years old
  • In 2018, organisations reported over 40,000 cases of fraudulent abuse of bank accounts that bore the hallmarks of money mule activity
  • Cases involving this activity generally were up by 26% in 2018 compared with 2017

As a result of the above findings, Equifax has aimed to educate audiences of all ages. Particularly, as the report found that being drawn into such criminality was no longer a problem limited to the younger demographics.

The infographic addresses questions around money mule issues such as:

  • What money muling is
  • How money muling works
  • How to spot ads for money mules

The infographic will sit within the Equifax ‘Knowledge Centre’ which serves as an informational hub. The Knowledge Centre covers a variety of financial categories from sorting your debts to boosting your credit score and learning how to budget, everything you need to know to keep your finances in check. You can view the full infographic here:

Equifax

Equifax

Equifax

Equifax

money mules

money mules

money mules

money mules


Sources:

  • https://www.cifas.org.uk/insight/reports-trends/fraudscape-2019
  • ads.google | Keyword planner| Average monthly searches taken from the last 12 months August 2018 – July 2019 compared to August 2017 -July 2018
  • ads.google| Keyword planner| Percentage breakdown across various cities in the UK |Average taken from the last 12 months



About the Author

Jacob Wolinsky
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Prior to ValueWalk, Jacob was VP of Business Development at SumZero. Prior to SumZero, Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver