Barclays has issued a warning over an increase in student money mule scams, with research finding they rose by 23 per cent at the start of the 2022 academic year.

A money mule is a person who, often unwittingly, lets criminals use their bank account to move money in what is a form of money laundering.

Barclays noted that those persons used as money mules, targeted through various platforms including dating apps, social media, and even job ads, often don’t know what’s really happening, and are either manipulated into believing a cover story, or lured by an offer of payment.

The bank’s research found that two in five money mules are under the age of 25, one in five are under 21, and almost two thirds – 63 per cent – of young people don’t realise that being a money mule could lead to having a criminal record.

In a warning to students, Ross Martin, head of digital safety at Barclays, said: “Always be wary of people reaching out to you online with too-good-to-be-true opportunities, get-rich-quick schemes, and requests to pass money through your bank account.”

He continued: “Remember, being a money mule can not only make it difficult to get credit down the line – like a student loan, phone contract, or mortgage – but you could also end up with a criminal record.”

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