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Child Financial Exploitation (CFE)
What is Child Financial Exploitation?
Child Financial Exploitation is the term used to describe the action of using a young person’s bank account to move money obtained from illegal sources.
Through the process of money laundering, criminals will introduce the proceeds of their crimes into the banking system as a way of attempting to disguise its origin, making it appear as though it has come from a legitimate source.
Laundering the proceeds of crime is a criminal offence under The Proceeds of Crime Act (2002) and carries a maximum prison sentence of up to 14 years.
How are young people targeted?
Young people may often be targeted online through social media or online gaming, but child financial exploitation can also occur in person. The exploiter will demand for the young person to disclose their bank details to them; on receiving these details they will then transfer a sum of money into the young person's account. The young person will then be coerced into either transferring this on to another account or withdrawing the money. The exploiter will leave a percentage of the money in the young person's bank account, which is part of the grooming process involved in Child Financial Exploitation.
In most cases, the young person will not know where this money has come from and therefore the way they have been exploited to play a role in laundering the proceeds of crime.
Spotting the signs
Below are a number of signs that may help someone to recognise financial exploitation:
- Job adverts – Often criminals will share a job advert on social media that may include phrases like ‘easy money’ or ‘no experience necessary’. Some of these adverts may also be accompanied by images of lots of cash. If the advert sounds too good to be true, then it usually is.
- Lots of spelling errors - A genuine job advert will rarely have spelling errors, so lots of spelling mistakes can also be a sign this is not legitimate.
- Messages through social media – Private messages asking if someone wants to make quick cash or easy money. If someone suspects an account on social media is acting suspiciously, they can report it and block that account.
- Asking to share bank details – information about your PIN should not be shared.
Appropriate language
To many, Child Financial Exploitation is more commonly known as ‘Money Muling’ and young people who have been financially exploited may be referred to as ‘Money Mules’.
Guidance from the Children’s Society Appropriate Language Guide highlights the concern with referring to young people as ‘money mules’, explaining how this dehumanises the young person. The use of this term focuses people's attention on the actions of the young person, ignoring the complexity of the situation, often meaning the young person is not identified as victim of exploitation.
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