TRANSCRIPT
While cybercrime may be multifaceted , one is of growing concern - not just for Australians, but also for students, new to the country.
"Organised crime groups are increasingly targeting international students and that's for a multitude of reasons..moving to Australia, not having their family support network, not knowing what the criminal laws are in Australia, not knowing their obligation in relation to anti-money laundering legislation."
That's Tim Stainton from the Australian Federal Police.
He says cost of living pressures are making students more vulnerable to make such decisions.
"The cost-of-living is high, people are looking for a quick buck, and that's what these crime syndicates offer, they offer these international students a quick $1,500 to $2,000 for access to their bank accounts and those people obviously don't know what the flow on effect is."
For financial institutions, it's a surge in phone calls they need to make to their customers.
NAB's Executive for Group Investigations and Fraud, Chris Sheehan, says money mules are an industry-wide issue.
"At an industry level, We would be talking about thousands of mule accounts being identified, blocked, and potentially investigated and exited from banks."
Marc Broome from ANZ's complex investiagtion team says they've noticed thousands of mules accounts since late last year.
"In the first three months, we actually identified approx 3,200 accounts which we believe were being set up purely for the purpose of muling."
Money muling is a technique used by organised crime groups To access someone's bank account, In return for a one-off up front payment.
The account is then used to receive and transfer money into other accounts.
Tim Stainton says that cycle is then repeated over and over.
"So each and every time money moves, it makes it more and more difficult for us and our foreign domestic partners to track those funds, whether it be the original source of funds or the final destination."
This week, the Australian Federal Police launched an awareness campaign in seven languages, across 39 universities, over concerns international students are not familiar with criminal laws in Australia.
Tim Stainton again:
"Money muling is a serious offence, it's a serious money laundering offence, and can be punishable between 12 months to life imprison depending on the severity of the offence. You will face serious consequences which have ongoing and deterimental affects not only to study in Australia but to stay in Australia."
Chris Sheehan says some intentionally take part in illegal transactions.
"We see a pattern whereby foreign students when they finish their studies in Australia will sell their bank account or hand their bank account over to other people who use it for criminal purposes."
While Marc Broome says others aren't aware what they're doing is in fact a crime.
"A lot of then don't realise they're caught up in criminal activity until they receive a call from us and we've stopped an account."
The victims are contacted face-to-face and online, on platforms including TikTok, Snapchat, and WhatsApp.
Desma Smith works in international student advisory and support at Swinburne University of Technology
"They worry about the impost on their family, and the money their family spends, and they become natural people pleasers, and eager ears for something like this that sounds less complicated, a quick pay-off, it makes them really vulnerable to progressively larger risks."
Some banks have recently introduced new systems to identify mule accounts in what they describe is a growing, Australia-wide issue.
