Be careful of social media ads
You may see posts on Instagram, Snapchat or TikTok offering easy money for not much work. This is why you should be careful if you’re tempted to find out more.
Don't become a money mule
Before we start, we need to explain money laundering. This is when criminals make illegally obtained ‘dirty’ money look ‘clean’ so they can spend it. It often involves money being moved about between accounts to disguise where it came from.
A money mule is part of this process. By accepting or moving illegal money on behalf of someone else, whether or not they realise what they're doing.
Don’t let this be you!
You may be approached through Instagram or Snapchat. You may spot an advert for a job offering a lot of money for not much work, without saying what the job is. It may say you need to have a UK bank account or be willing to give out your online banking details.
As with any job offer, research the potential employer before getting in touch. It may sound like easy money. But if you become a money mule, it’s also an easy path to a prison sentence of up to 14 years! You’ll lose your bank accounts, which means you can’t get your student loan payments or your wages and your credit score will be very badly affected for the future.
This means you will likely struggle to be approved for loans, credit cards or mortgages – or even a mobile phone contract.
Money laundering often involves money obtained through, or that funds, people trafficking, drug dealing, sexual exploitation – you name it. And by getting involved, you – whether you realise it or not – are helping.
Cryptocurrency and bitcoin scams
Another way to make a lot of money quickly. These scams are becoming more common as the public becomes more familiar with cryptocurrencies.
Signs of a crypto scam
Like investments in general, it’s possible to successfully invest in legitimate cryptocurrency. But there are a lot of criminals out there, so here’s a quick overview of what a crypto scam may look like:
Unrealistically high returns
With no real evidence why these are achievable.
Heavy promotion
It's everywhere, even in legitimate newspapers or websites. Genuine cryptocurrency doesn’t need to do this.
Shadowy people
The people involved seem shady. It may be hard to find them at all. They may have fingers in many pies or have lots of followers on social media without appearing to do very much.
No source code or whitepaper
A legitimate cryptocurrency needs to have a published whitepaper that clearly sets out how it works. Many will have an 'open source' code for anyone to see how it works. If neither are available, it's not a good sign.
MoneyHelper has a great breakdown of crypto scams, with more detail plus other things to look out for. Have a read here 
