Santander says customers’ bank accounts could be closed for good | Personal Finance | Finance

Santander has issued an urgent alert to many customers, with some facing the possibility of having their bank accounts shut down.

The banking giant is urging people to remain alert against “money mule” scams, which can result in bank accounts being frozen or closed down permanently, and potentially even a criminal record.

According to the latest figures, some 31% of money mule cases involve those aged 18 to 24, with criminals preying on the naivety of students and young professionals.

A money mule is someone who transfers stolen funds through their personal bank account on someone else’s behalf.

Criminals frequently present these requests as “quick cash” prospects or convincing-looking job advertisements to ensnare unwitting victims.

While it may appear to be a straightforward favour for a mate or an effortless method to earn additional cash, the consequences can be devastating.

Santander has highlighted three crucial warning signs that you or someone close to you might be being targeted:.

The banking giant has warned that if you are discovered to be operating as a money mule, even if you were unaware the money was stolen, you could encounter: immediate bank account closures and limitations on future accounts; challenges obtaining essentials such as mobile contracts, credit, or tenancy agreements; and the threat of a criminal record, which could damage future employment opportunities.

Santander advises solely using trusted job platforms and investigating every employer properly.

Never give your bank account details to anyone. If a money-making opportunity appears too good to be true, it almost always is.

For those concerned about financial exploitation, additional assistance is available through Crimestoppers, which provides specific advice on combating the exploitation of students.