The All-Party Parliamentary Group on Financial Crime and Scamming
has launched a review into how young people can be protected from
financial crime.
Figures released by Cifas, the UK’s fraud prevention service,
revealed a 75 per cent increase in the misuse of bank accounts
involving 18 to 24 year olds during the first nine months of
2017, compared to the same period last year. The most common
example of this is when an individual acts as a ‘money mule’,
which means they allow their bank account to be used to
facilitate the movement of criminal funds.
Research commissioned by NatWest shows the same age group are
less likely to be cautious online compared to older generations.
This can put them at an increased risk of falling victim to
online fraud. Over 80% are willing to share their email address
online with their friends, and as many as 29% are willing to
share their mother’s maiden name (a commonly used security
question). This contrasts with only 12% of over 55s willing to
share their mother’s maiden name.
Research also reveals that security is less of a concern for
devices most used by young people for everyday activities such as
online shopping. As well as this, the way that young people view
security on their desktops is different to other devices; for
example, whilst 86% would install security software on a PC, just
57% would do so on a tablet device such as an iPad.
This inquiry is seeking views and best practice from law
enforcement, industry, the education and voluntary sector, and
government on the scale of the problem. The inquiry seeks details
on projects to help prevent these crimes amongst young people and
thoughts on how current work can be improved.
MP, Chair of the All-Party
Parliamentary Group on Financial Crime and Scamming, said
“I am glad the APPG on Financial Crime and Scamming is launching
this important inquiry. Frauds and scams can affect everyone and
we are increasingly seeing young people being targeted by
criminals.
“In particular, acting as a money mule is money laundering and
has serious consequences, when you’re caught, your bank account
will be closed, making it difficult to access cash and credit.
You could even face up to 14 years in jail. If we have any hope
of tackling and preventing financial crime then we must ensure
that future generations know the advice to follow to prevent
themselves from either falling victim to scams or committing
fraud themselves.
“I look forward to individuals and organisations submitting
evidence and hearing first-hand about best practice from across
the country on how financial crime against young people can be
stopped and prevented.”
To respond to this inquiry please visit:
http://www.appgfinancialcrime.org/inquiries
